8 tips on how to pick the right auditor for your business
An auditor assesses the financial health and compliance of your business, so it’s critical to select the right one....
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Companies need to be mindful of their potential obligations to ASIC, the corporate regulator. Although most smaller companies will be exempt from lodging audited accounts, there could be significant adverse consequences (including large fines) if you fail to lodge when you should.
Entities that fall into the lodgement net include:
How does ASIC track companies?
ASIC runs a surveillance program over the corporate landscape, making sure that financial reporting and audit quality are enhanced. ASIC also shares some data with the ATO and other sources, and makes efforts to identify companies that should be lodging audited financial statements but have not yet done so.
That’s why it’s important to understand and meet your obligations before getting caught out.
Recently, an infringement notice and a $187,800 fine were issued to Optix Australasia Pty Ltd for not lodging audited accounts as they should have been since FY2023.
What should you do if you are unsure?
Keep an eye on the key factors – if you have majority foreign ownership or are getting close to ASIC’s large company criteria, don’t hesitate to contact your accountant or our audit team to discuss the way forward.
If you have any questions relating to ASIC lodgements, contact us on +61 3 9810 0700 or