Small companies with revenue less than $250,000 and not a deductible gift recipientAn audit is only required if : Directed by a member Directed by ASIC Required in the companies constitutionCompanies with revenue greater than $250,000 and less than $1,000,000The company can choose between an audit or review unless: Directed by a member Directed by ASIC Required in the companies constitutionCompanies with revenue great than $1,000,000The financial statements of large companies limited by guarantee must be audited annually.Audit Guide – Do we need an audit?