Company
Your financial statements may need to be audited.
The audit requirements depend on the size of your company and number of shareholders:
A ‘large’ New Zealand company’s financial statements must be audited unless the shareholders opt out by a 95% majority vote.
Definition of ‘large’ for a NZ company – if at the end of each of the previous two accounting periods, total assets of the entity and its subsidiaries (if any) exceed $60 million, or total revenue exceeds $30 million for each of the previous two accounting periods – Financial Reporting Act 2013
A ‘large’ overseas or overseas owned company’s financial statements must be audited.
Definition of ‘large’ for an overseas or overseas owned company – if at the end of each of the previous two accounting periods, total assets of the entity and its subsidiaries (if any) exceed $20 million, or total revenue exceeds $10 million for each of the previous two accounting periods – Financial Reporting Act 2013
A company that has 10 or more shareholders must have its financial statements audited unless the shareholders opt out by a 95% majority vote.
A company that has less than 10 shareholders must have its financial statements audited if the shareholders opt in with a 5% majority vote.