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Audit Exemption

Updated: Jul 6, 2023

A company is exempted from having its accounts audited if it is a small company.

A company qualifies as a small company if:

(a) it is a private company in the financial year in question; and

(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

  • total annual revenue ≤ $10m;

  • total assets ≤ $10m;

  • no. of employees ≤ 50.

For a company which is part of a group:

(a) the company must qualify as a small company; and

(b) entire group must be a “small group”

to qualify for the audit exemption.

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

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