Treasury has confirmed that the large proprietary limits have been doubled from 1 July 2019, i.e. for 30 June 2020 year ends.
A large proprietary company is now an entity who meets two out of three of the following criteria:
- Revenue ≥ $50m
- Gross assets ≥ $25m
- Employees ≥ 100
If you are currently a large proprietary company who will fail these thresholds from 1 July 2019 then it is a good opportunity to consider your governance principles. If you decide not to have an audit then consider what other processes can be put place over your financial systems and controls, for example data analytics reviews or control assessment by an external body.
For further information, please contact your Bentleys Advisor.