[Question] New Companies Act impact on SME

[miskaccounting]

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

[CLIVE-TRIANGLE]

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.