Audit & Assurance

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.

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.

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. 

• 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.

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.

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. 

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.