Accounting 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. Justify your answer.
Accounting 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. Justify your answer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting
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. Justify your answer.
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