1300 284 330 info@amwaudit.com.au

Public and Private Companies

Audit Requirement

Certain types of entities must have their financial reports audited by a registered company auditor.

A company (other than a small proprietary company), registered scheme (managed investment scheme) or disclosing entity (a body that holds enhanced disclosure securities) must have its annual financial report audited and obtain an auditor’s report.

However a proprietary company may be exempt from having its financial report audited (see Regulatory Guide 115 and CO 98/1417 Audit Relief for Proprietary Companies) or may otherwise be eligible for audit relief.

A disclosing entity must have its interim financial report reviewed and obtain a registered company auditor’s review report.

Public Companies that are not disclosing entities or companies limited by guarantee

You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act 2001 (Corporations Act).

These financial reports must be:

  • audited
  • lodged with ASIC within four months of financial year end
  • sent to members by the earlier of four months after year end or 21 days before the next AGM.

Public Companies that are not disclosing entities

A public company that is not a disclosing entity is not required to comply with Part 2M.3 of the Corporations Act if all conditions of ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 are met, and it is also not:

  • a borrowing corporation
  • the guarantor of such a borrower, or
  • a financial services licensee

and it:

  • is a wholly-owned entity
  • undertook a deed of cross guarantee with every other company in the closed group.
    These companies do not have to prepare audited financial statements for lodgement with ASIC or for sending to members.

 

Public Companies that are not disclosing entities

A public company that is not a disclosing entity is not required to comply with Part 2M.3 of the Corporations Act if all conditions of ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 are met, and it is also not:

  • a borrowing corporation
  • the guarantor of such a borrower, or
  • a financial services licensee

and it:

  • is a wholly-owned entity
  • undertook a deed of cross guarantee with every other company in the closed group.
    These companies do not have to prepare audited financial statements for lodgement with ASIC or for sending to members.

 

Our Audit Service Offering

At AMW, we have over 40 years experience in auditing companies.

Contact us today to learn how we can help you with your individual audit needs.

what our clients say

We have been using the audit services of AMW to complete our annual AFSL obligations for the last 5 years and would highly recommend their service to all, they are well priced, both practical and reasonable in their approach to small AFSL holders, and efficient at turnaround times.

CAMERON HOWLETT

DIRECTOR, INDEPENDENT WEALTH PARTNERS

AMW have been our preferred audit firm for SMSFs and other audits for many years. When I started Aver Group in 2004 we were looking to build a relationship with a like-minded professional auditing firm that understood the needs of Accountants.

We have always been impressed by the team’s expertise and understanding of auditing issues. They have a personal, proactive approach and are always available either via telephone or email.

The Principal/Director, B J Thomas, is approachable and is commercially minded. He is very professional and always gives clear advice in a prompt and efficient manner. His work ethic and personality has certainly been passed onto his team members and we have a great business relationship with the whole firm.

In summary, AMW are an impressive team which delivers on their promises and are stand out performers in the Auditing sector

RAVE RAVENDRAN

MANAGING DIRECTOR, AVER GROUP CHARTERED ACCOUNTANTS

AMW came to us highly recommended and have conducted our last two audits of the college’s financials. They are highly professional and have developed a good understanding of schools and their processes. Their team are a pleasure to work with. I have no hesitation in recommending AMW to other schools for the purpose of conducting an audit and the preparation of financial statements.

TAMMY FENWICK

BUSINESS MANAGER, THE KING'S COLLEGE