Assemble the annual review file and the directors' solvency resolution
Key facts
- Human involvement
- GreenLawyer review
- How AI is used
- Draft the annual review file: the register-against-statement comparison, the correction list with the form each correction needs, and the solvency resolution and minute in the firm's standard form with the directors' opinion left blank for the directors to record.
- What the lawyer must review
- The lawyer checks the comparison against the company's own register rather than against the statement, confirms the resolution is passed inside the period allowed after the review date and that the company has not instead lodged a financial report in the last 12 months, and confirms the directors have formed the solvency opinion themselves. Where a positive resolution cannot be passed, the lawyer checks the separate notification that then follows.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Draft the annual review file: the register-against-statement comparison, the correction list with the form each correction needs, and the solvency resolution and minute in the firm's standard form with the directors' opinion left blank for the directors to record. |
| Lawyer | The lawyer checks the comparison against the company's own register rather than against the statement, confirms the resolution is passed inside the period allowed after the review date and that the company has not instead lodged a financial report in the last 12 months, and confirms the directors have formed the solvency opinion themselves. Where a positive resolution cannot be passed, the lawyer checks the separate notification that then follows. |
Checklist
- Confirm the instructions, the jurisdiction and the complete relevant material before starting.
- The lawyer checks the comparison against the company's own register rather than against the statement, confirms the resolution is passed inside the period allowed after the review date and that the company has not instead lodged a financial report in the last 12 months, and confirms the directors have formed the solvency opinion themselves.
- Check the output against the source documents named in it before it is relied on.
Forms and precedents for this task
| Form or precedent | Kind | AI use | Summary |
|---|---|---|---|
| ASIC Form 388: copy of financial statements and reports | Form | AI use Yellow | Link to ASIC Form 388, the cover for annual financial reports lodged by the companies and schemes named on the form page. |
Signed-in accounts can read the full text of each one. All precedents.
Sources
- https://www.asic.gov.au/for-business-and-companies/companies/company-annual-review · 2026-09-27
- https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-22-directors-solvency-declaration · 2026-09-27
- https://www.asic.gov.au/for-business-and-companies/companies/company-building-blocks/company-meetings-and-resolutions · 2026-09-27
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.