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Clients should be advised to secure loans made to a company (related party credit loan accounts).

Auditors are expected to review rent relief provided by SMSF trustees and report contraventions where appropriate.

Large proprietary companies should be aware of the changes, especially if they could trigger the threshold requirements.

Recently, there have been a number of changes to Australia's financial reporting landscape that have received a large amount of publicity from advisory firms.

The ATO have stipulated that auditors must obtain particular evidence from SMSFs when COVID-19 relief has been provided

In a shareholder class action, the plaintiff sought discovery of documents from the defendant partnership in relation to alleged statutory contraventions associated with its role as auditor of a company that had gone into liquidation.

The QBCC Policy requires all licensees to prepare and maintain 'internal management accounts' on a quarterly basis.

If an OC fails to comply with requirements, each executive member of the OC at the time of the failure commits an offence.

The Australian Government has released Treasury Laws Amendment Bill 2024: Climate-related financial disclosure, which is draft legislation confirming mandatory reporting of climate-related financial disclosure requirements.

It is common for key shareholders of companies to provide financial letters of support.

Amendments to the Corporations Act will extend the availability of crowd-sourced funding (CSF) to proprietary companies.