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Thread: New Companies Act impact on SME

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    New Companies Act impact on SME

    Is it correct that the New Companies Act stipulates that a SME Pty ltd does not need to be audited and signed off by an accounting officer should the P I be under 100?
    If so what about SME Pty Ltd that have financials outstanding from 2008-2011 ie before the Act was passed on 1 May 2011? I'd appreciate your feedback, thanks

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    Strictly speaking they should be audited and should continue to be audited, until a new MOI is adopted. The reality is that it is unlikely to be challenged if it does not.

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    Dave A (04-Dec-12)

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