The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date. For example:
With some exceptions, for example, certain smaller entities, organisations subject to the Corporations Act must have an audit each year.
Our auditors provide an extensive range of audit and audit-related services. We will determine the type and extent of the audit procedures required, depending on the risks and controls that have been identified. These procedures may include:
Our auditors maintain independence from management and directors so that tests and judgments are made objectively. We will discuss the scope of the audit work with the organisation, and the directors or management may request that additional procedures to be performed.
An audit is the examination of the financial report of an organisation - as presented in the annual report - by someone independent of that organisation. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.Find out more
Under the Corporations Act, certain entities, such as Australian listed companies and registered schemes, must prepare a financial report for each half year, in addition to the annual financial report. The half year financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes the review procedures they performed, that would suggest that the financial report does not, in all material respects, meet legal requirements and financial reporting standards.Find out more
Staying informed of the latest financial reporting developments and how they apply to your situation is essential for any business. We provide up to date information and alerts on IFRS and their application to streamline financial reporting.Find out more
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