Some do see audit as a guarantee to prevent poor management behavior, bad business decisions or ultimately corporate failure. It is none of these. An audit enhances the accountability or corporate stewardship to its shareholders.

At P A Tax & Accounting Pty Ltd we can assist your entity to comply with your reporting obligations.

All disclosing entities, public companies, large proprietary companies and managed investment schemes are required by Section 292 of the Corporations Act (the Act) to have their annual financial reports audited and lodged with ASIC.

A small proprietary company does not have to have its accounts audited unless:

• It is a disclosing entity;
• It is controlled by a foreign company and its financial results are not included in any consolidated accounts of the foreign company lodged with ASIC; or
• It is required by ASIC to prepare audited financial reports.

Section 319 of the Act requires a disclosing entity or registered scheme to lodge the financial reports within three months of the end of the financial year. All other companies must lodge their financial reports within four months of the end of the financial year.