Do I need to have my small proprietary company audited?

• In general terms a small proprietary company does not have to prepare or send financial statements to ASIC. However there are some instances where a small company may be required to lodge a financial report such as:
  • where your company is controlled by a foreign company then you may be required to prepare or send a financial statement;
  • if you are a small proprietary companies subject to a shareholder direction; or
  • where ASIC directs a small company to lodge a financial report.
• If these circumstances apply you will need to send a financial statement to ASIC. You may wish to refer to the ASIC website at www.asic.gov.au or seek assistance from your compliance lawyer, adviser or accountant.
• You can use our Phone a Lawyer service for a preliminary legal consultation if you think you may need legal advice.