Garry is a partner in an accounting firm in Sydney. Garry is currently looking at his portfolio of new Australian clients which include: 

1. ABC Superannuation Fund, a corporate fund that manages superannuation and pension plans for the 20,000 employees of ABC Pty Ltd. 

2. XYZ, a statutory fund maintained under the Life Insurance Act 1995. 

3. DEF, a small company limited by guarantee, with consolidated revenue of less than $1 million per annum. 

4. UVW, a company listed on the Australia Securities Exchange.

 

REQUIRED:

 For each entity, identify if is required (not required) to be audited under the Corporations Act 2001. 

Answer rating: 100% (QA)

Under the Corporations Act 2001 in Australia the requirement for an entity to be audited depends on various factors such as the type of entity its siz... View the full answer