The auditing requirement for companies may come from various sources. All listed / public companies are required to be audited by a registered company auditor. An unlisted public company may apply for an audit exemption.
Private companies that are classified as large are required to be audited, unless they apply for an exemption from ASIC. A large private company is defined as meeting two of these three tests: Revenue greater than $50m, Assets greater than $15m, and Employees greater than 100.
Other companies may have to have a financial audit because they hold an Australian Financial Services License, or are required to by government, like a Training Organisation. LDAssurance is conversant with the financial auditing requirements for companies and we are happy to discuss your needs.