Document ID: chunk:federal_register_of_legislation:C2025C00185:section:301:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 301 (pt 1/2)
Character Range: 1106727–1109431

301  Audit of annual financial report
 (1) A company, registered scheme, registrable superannuation entity or disclosing entity must have the financial report for a financial year audited in accordance with Division 3 and obtain an auditor's report.

Small proprietary companies
 (2) A small proprietary company's financial report for a financial year does not have to be audited if:
 (a) the report is required only because of:
 (i) paragraph 292(2)(c) (about having CSF shareholders); or
 (ii) a direction under section 293; or
 (iii) both paragraph 292(2)(c) and a direction under section 293; and
 (b) in a case where subparagraph (a)(i) or (iii) applies—as at the end of the financial year, the company has raised a total less than the CSF audit threshold from all the CSF offers it has ever made; and
 (c) in a case where subparagraph (a)(ii) or (iii) applies—the direction did not ask for the financial report to be audited.

Companies limited by guarantee
 (3) A company limited by guarantee may have its financial report for a financial year reviewed, rather than audited, if:
 (a) the company is not one of the following:
 (i) a Commonwealth company for the purposes of the Public Governance, Performance and Accountability Act 2013;
 (ii) a subsidiary of a Commonwealth company for the purposes of that Act;
 (iii) a subsidiary of a corporate Commonwealth entity for the purposes of that Act; and
 (b) one of the following is true:
 (i) the company is not required by the accounting standards to be included in consolidated financial statements and the revenue of the company for the financial year is less than $1 million;
 (ii) the company is required by the accounting standards to be included in consolidated financial statements and the consolidated revenue of the consolidated entity for the financial year is less than $1 million.
 (4) A small company limited by guarantee's financial report for a financial year does not have to be audited or reviewed if:
 (a) the report is prepared in response to a member direction under section 294A; and
 (b) the direction does not ask for the audit or review.
 (5) A company need not comply with subsection (1) if:
 (a) it is covered under section 738ZI at the end of the financial year mentioned in subsection (1); and
 (b) as at the end of that financial year, the company has raised less than $3 million from all CSF offers that it has made at any time.

Registrable superannuation entities
 (6) The following reports relating to:
 (a) a registrable superannuation entity; and
 (b) a financial year;
may be set out in the same document:
 (c) an auditor's report obtained by the entity under subsection (1);
 (d) an auditor's report provided in