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Shaun Madders

Client Service Partner

What is this service?


As members of CAANZ and Registered Company Auditors, Spry Roughley provides audits of businesses and not-for-profit organisations in accordance with the Australian Auditing Standards.

Other than obtaining a high level of assurance that the financial report is free from material misstatements (errors and omissions), our service offering also focuses on providing meaningful feedback on the business risks and practical recommendations for continuous improvement.


Business that are not required to have an audit but still want some level of assurance over their financial report and accounting processes often elect to have a Review of their financial report which provides a limited level of assurance on the financial report but includes the same style of feedback on business risks and practical recommendations for continuous improvement that arises from a full audit.

By reducing the level of required assurance there is an associated cost saving as well as further scope for agreed additional procedures which may not be a necessary part of the formal Review engagement but instead provided to give additional piece of mind over certain parts of the business and its internal control environment.

Agreed Upon Procedures

Agreed Upon Procedures are highly targeted procedures conducted by our audit team on a specific business process, transaction, or balance that management or owners want conducted by an independent party. 

Most businesses and owners find that the scoping of an agreed upon procedures engagement delivers as much value as the actual conduct and report arising from the engagement as there is a high level of collaboration between auditor and client on the underlying need for the procedure, identification of key management and accounting controls and, discussion on selected agreed audit procedure to undertake.

Our resulting report is a fact-based findings report that is often used to justify further actions or provide satisfaction that certain controls and processes are operating as planned.

We also provide agreed upon procedures as an outsourcing solution of internal audit requirements. This is most often conducted for subsidiaries of large or international business who do not need a full audit or review engagement but management or shareholders wish to check that certain internal controls are implemented and working. 

Controls Review

Control Review engagements are customised, and specialised services provided to clients who do not need a full audit or review of their financial report but want or would appreciate a review by our audit team on their accounting systems and processes and benchmark against best practice for businesses of their size and complexity.

Who Needs an Audit?

Large and Non-Listed Public Companies

For Australian Corporations Act purposes, a company is a Large Company when it satisfies two (2) of the following tests:

  • The company has annual revenues greater than AUD $50 million
  • The company has more than 100 employees
  • The company has more than AUD $25 million of Gross (Total) Assets on its balance sheet

Unless an audit exemption is obtained, Large Companies are required to have their annual report audited and lodged with ASIC within 4 months of the end of each financial year.

Audit exemptions are rare however in the right circumstances, if a company engages with us early enough there may be opportunity to structure the business out of an audit requirement or apply for audit exemption from ASIC.

Bank / Financier Requirement

Entities which are seeking additional borrowings are often requested or required to have an annual audit of their financial report.

By engaging with us early in the debt raising / bank negotiation process, we can work to ensure any audit and assurance requirements of the financier are structured to also provide value to the business. Getting the finance and audited grouping of entities and scope of assurance required during the negotiation process will make a significant financial difference and reduce the overall cost of funds.

Not-for-Profit Entities

We work with not-for-profit entities that are seeking audit services to both satisfy legislative or regulation requirements as well as to improve the running and sustainability of the entity in the longer term. 

We work best where not-for-profit entities have good governance structures in place including  sound accounting processes and systems that provide a base for us to add to the quality financial reporting process.

Our personal briefing of Not-for-Profit Directors and Treasurers ensures they are across the detail and risks in the financial report and feel confident in presenting and taking questions on the financial report to other parties including to members at Annual General Meetings. 

Why Spry Roughley?

Our Audit and Assurance Approach

Before we engage with a business, we first spend the time to understand the need for any audit and assurance services and thus ensure we tailor the engagement to deliver the outcomes required.

We are focused on delivering value in all our services and if we can help a business to save costs whilst still obtaining the necessary level of financial reporting assurance, then we will work proactively to obtain these costs savings up-front.

Once we have agreed upon the scope of the engagement, we spend a significant amount of time understanding the objectives of the business and risks in the business model and financial reporting systems, controls and processes. With this understanding we then further tailor our planned procedures to ensure we target the highest risk items early to safeguard against these risks turning into unforeseen adjustments and surprises that cause time delays late in the audit process. We find open and honest communication on these risks through-out the audit is the best way to ensure they are managed and resolved without embarrassment or adversarial confrontations which so many people unnecessarily dread about the audit process.

With all risks resolved and the financial report prepared, we meet with the directors of the business to walk them through the financial report and audit risks before they are required to sign-off on the annual accounts. This meeting gives the Directors the opportunity to ask any residual questions as well as for us to discuss the key audit findings and recommendations. By working on a continuous improvement model, this meeting also often serves as the beginning of the next audit cycle, focusing on what changes should and can be made to further enhance the business or improve the control processes protecting shareholder investments.


As technical experts in audit and financial reporting we find the following resources useful for business and their owners when contemplating audit and financial reporting:


When should I enquire about audit and assurance services?

The earlier the better. With early engagement, we can be involved in identifying the financial report users and their needs for assurance services and structure any audit requirements to reduce compliance costs whilst maximising value. If you are unsure if you need an audit or review then give us a call and we can meet with you to discuss your requirements including letting you if you need help now or in the future and when to contact us again.

We also find that engaging with us at least 12 months before a business needs it’s first audit allows us to help get the business ‘audit ready’. This means identifying key areas of risk, necessary change or improvements that the business can work on before the time and cost pressures of audit fall upon management’s shoulders.

I’m concerned about certain parts of my business - should I get an audit?

Pick up the phone and talk to us. We have these sort of conversations with our existing and potential new clients all the time and find that gut-instincts shouldn’t be ignored.

If my business already has an auditor - what should I be aware of?

There are many fantastic auditors out there and auditors who spend the time to understand and work with the business overtime are worth investing in long term relationships with. If this is your auditor, stick with them as long as possible.

As auditors look to retire, they will often sell their practice to another firm or auditor. We recommend that businesses talk to their auditor (as they would any key supplier) around their succession and ensure that the business is not exposed to any changes that the owners are not in control of. Choosing an auditor is a key business decision and not something you want to leave for someone else.

I work for a subsidiary of an international company or group of companies - can Spry Roughley conduct the annual audit of the Australian company or group?

If your business is a subsidiary of an international group, you may have been assigned an international auditor who may not have the time or local resources to understand your business and provide the value you are seeking from audit and assurance. We specialise in providing audit services to subsidiaries of large international companies and corporate groups including having the necessary qualifications and processes to work as subsidiary auditors reporting to head company auditors and management. We would be happy to meet with you to discuss our client centric approach to audit and show you what you might be missing out on.

Shaun Madders

Client Service Partner
Our long-standing business relationship is a testament to the value that we see in Spry.
Group Financial Controller
Large Engineering Group
The responsiveness and willingness to assist us when we need it, is valued and greatly appreciated.
Group Financial Controller
Large Engineering Group
It’s not just about the relationship - you get the right people with the right knowledge with the dedication to get outcomes to get the job done.
Private company >$500m turn-over
I feel I am talking to people who have a vested interest in making sure my business is going well.
Privately Company >$300m turn-over
Accessibility and being available at any point. Being proactive to avoid panic / urgency and action is timely.
Manufacturing Company
Partnership with a capital P – We own the opportunities, issues and challenges together.
High Net Wealth Investor
Accessibility, responsiveness, forward planning. Proactive
Multiple Pharmacy Owner
Spry Roughley know my business - you have a handle on what I need. The little stuff is important because that’s what enables the big stuff to happen.
Entrepreneur / Engineer
Manufacturing business owner
Value the processes around what we do. The structure and rigor. Structuring and reporting information. Phone calls and teams meeting to engage with Directors on the business.
Electrical Manufacturing
Strategic advice and carrying projects through to completion. Beyond just completing compliance
Third Party Logistics provider
Relationship. Strong believer in the success you surround yourself with. Morale changed when you came on board. Confidence in us is great.
Construction Materials Import and Wholesale
Personable - you are a reasonable size but you are still personable
National Retailer
When we have a scenario or a goal, you think about it and give us options so we can make informed decisions. It's more of a partnership
Chief Executive Officer
Vehicle Manufacturer
Able to adjust and continue to provide value as we grow and change
IT start-up Founder
Thank you for all your support throughout the sale process...It was good to have you on my side, not just from an accounting and compliance aspect but from the personal support you gave me.
Former Business Owner