Can my small company be exempt from audit?

Can my small company be exempt from audit?

An exempt private company is exempt from audit requirements if the starting date of its financial year is between 15 May 2003 and 31 May 2004 and its turnover for that financial year does not exceed $2.5 million. For financial years starting 1 Jun 2004, the amount of the turnover has been raised to $5 million. These companies are still required to maintain proper accounting records.

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