Document ID: chunk:federal_register_of_legislation:F2021C01163:body:0:p2
Version: federal_register_of_legislation:F2021C01163
Segment Type: other
Provision Reference: 
Character Range: 2696–5542

Law of the State or Territory under which the company was registered immediately before the commencement of the Act; and includes a separate reference to the former Corporations Law of each other State and Territory.
management accounts means accounts which include an income statement, a statement of changes in equity, balance sheet and cash flow statement.
prescribed accountant means each of the following:
           (a)  a member of CPA Australia (CPAA) who:
(i) is entitled to use the post-nominals "CPA" or "FCPA"; and
(ii) is subject to the CPAA's continuing professional development requirements; and
(iii) at or about the time of the member's most recent renewal of membership, has confirmed in writing to CPAA that he or she complies with the CPAA's continuing professional development requirements;
           (b)  a member of Chartered Accountants Australia and New Zealand (CA ANZ) who:
(i) is entitled to use the post-nominals "CA" or "FCA"; and
(ii)  is subject to the CA ANZ's continuing professional education requirements; and
(iii) at or about the time of the member's most recent renewal of membership, has confirmed in writing to CA ANZ that he or she complies with the CA ANZ's continuing professional education requirements;
           (c)  a member of the Institute of Public Accountants (IPA) who:
(i) is entitled to use the post-nominals "AIPA", "MIPA", or "FIPA"; and
(ii) is subject to the IPA's continuing professional education requirements; and
(iii) at or about the time of the member's most recent renewal of membership, has confirmed in writing to the IPA that he or she complies with the IPA's continuing professional education requirements;
           (d) another accountant approved by ASIC for the purpose of compiling financial reports under this instrument and who reasonably believes that he or she complies with such requirements as may be specified by ASIC.
quarter means one of the periods of no more than 3 months into which the relevant financial year of a company is divided, as determined by the directors of the company.
relevant financial year has the meaning given by subsection 5(1).
unapproved subordinated debt means any subordinated debt which is not approved subordinated debt.

Part 2—Orders

5 Relief from audit obligations
(1) A company does not have to comply with any of the following in relation to the company's financial report for a financial year (relevant financial year):
           (a) subsection 301(1) of the Act;
           (b) subparagraph 314(1)(a)(iii) of the Act;
           (c) paragraph 314(1)(b) of the Act to the extent that a concise report required to be given under that paragraph must include:
(i) a statement by an auditor referred to in paragraph 314(2)(c) of the Act; or
(ii) a statement that the auditor's report will be sent to a member free of charge if