LAWS2301 Study Guide - Final Guide: Financial Statement, Internal Control, Reasonable Person
Document Summary
Pwc = the purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organization at a given date. S. 292(1)(a) & s. 292(1)(b) = public companies and large proprietary companies must prepare financial reports and director"s reports for each financial year. S. 286(1) = a company must keep written financial records that is correctly recorded and explain its transactions and financial position and performance and would enable true and fair financial statements to be prepared and audited. S. 286(2) = the financial records must be retained for 7 years after the transactions covered by the records are completed. S. 319(1) = a financial report must be lodged with asic. S. 301(1) = public companies & large proprietary companies must have their financial report audited and obtain an auditor"s report. S. 301(2) = small pty companies don"t have to audit, unless asic/shareholders request.
