Audited Financials are qualified financial statements (Balance
Sheet and Profit & Loss) by an independent qualified auditor
that confirms whether the statements accurately reflect a
company's financial performance.
Audited Financials are optional for all businesses. They are
only compulsory if the following thresholds are met:
- Large company
o Consolidated revenue of $50 million or more
o Gross assets at the end of the financial year of $25 million
or more
o Company and its entities have 100 or more employees
- Registered scheme
- Disclosing entity, i.e., Listed companies
Whilst it is not a requirement, companies will often obtain
audited financials if they want to receive a loan/grant concerning
acquisition or sale. But at the end of the day, audited financials
are for the benefit of ASIC and not for the company with an auditor
to be independent.
