Regulatory Alerts2020-06-19 | RG-115RG 115 Audit relief for proprietary companies
The Australian Securities and Investments Commission issued this guide to explain audit relief available to proprietary companies and their auditors under the Corporations Act 2001. It details the relief provided by the ASIC Corporations (Audit Relief) Instrument 2016/784 from the general requirement to have financial reports audited, as well as individual case-by-case relief available under section 340. The document also notes that applications for such relief must be submitted through the ASIC Regulatory Portal starting from 27 July 2020.
Issued 19 June 2020
This guide is for certain proprietary companies and their auditors.
It explains:
the relief that we give to proprietary companies under ASIC Corporations (Audit Relief) Instrument 2016/784 from the requirement to have a financial report audited under the Corporations Act 2001 (Corporations Act); and
the individual relief that we may give to proprietary companies on a case-by-case basis under s340 of the Corporations Act.
Note: From 27 July 2020, applications for relief should be submitted through the ASIC Regulatory Portal . For more information, see how you apply for relief .
Download RG 115 (PDF 293 KB)