Company audits usually aren’t required unless you’re a large company. Corporation law compels certain types of entities to have their financial reports audited by a registered company auditor.

Generally, a company (other than a small proprietary company), registered scheme (managed investment scheme) or disclosing entity (a body that holds enhanced disclosure securities) must have its annual financial report audited and obtain an auditor's report.

A proprietary company is defined as small for a financial year if it satisfies at least two of the following paragraphs:

• the consolidated revenue for the financial year of the company and any entities it controls is less than $25 million;
• the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million; and
• the company and any entities it controls have fewer than 50 employees at the end of the financial year.

So if you do satisfy two of the above criteria compulsory audit requirements generally won’t apply to your company.