Section 301 — Corporations Act 2001: 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 relation to the entity under a provision of the RSE licensee law.