Australian audit requirements in 2021
Since 2003, Healy Consultants Group PLC assists our multi-national Clients to timely, accurately and completely discharge their legal, accounting, audit and tax obligations. This web page explains how our Firm helps our multi-national Clients secure an exemption from an annual independent statutory audit.
- As stipulated in the Corporation Act 2001, foreign-controlled Australian subsidiaries are required to prepare and lodge audited financial statements with ASIC. This statutory task must be completed within four months of the entity’s accounting year end.
- However, ASIC Corporations (Audit Relief) Instrument 2016/784 and Instrument 2017/204 grant certain reliefs to proprietary companies.
- To obtain exemptions from an audit, the company must meet both of the following conditions:
- The board of directors and members of the corporation must have unanimously voted in agreement via board resolution to waive the audit;
- The board resolution must be filed with ASIC during the first year of reliance, or after a year of no reliance, whichever comes first.
- A notice of the above board resolution should be submitted to ASIC (specifically using Form 382 or Form 384) three months prior to, or within the four months after, the specific financial year-end for which the company requires the audit relief.
- Should the company not complete the above step within the stipulated timeline, it will not be eligible for the audit relief nor will any opportunity for appeal be given.
Healy Consultants Group PLC’s fees for audit relief
For a one-time fee of A$900, Healy Consultants Group PLC will i) prepare the legal documents and ii) submit a quality complete application to ASIC and iii) in the weeks and months thereafter, aggressively and skillfully negotiate with ASIC for a legal exemption from the burden of an independent statutory annual audit.
Australian accounting and tax is easy if you know how. Clients should be aware of their audit obligations in their country of residence and domicile. They must fulfil these obligations annually. Let us know if you need Healy Consultants Group PLC’s help to clarify your audit obligations in Australia.