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Financial Statements Audit

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:

  • Are details of what is owned and what the organisation owes, properly recorded in the balance sheet?
  • Are profits or losses properly assessed?

With some exceptions, for example, certain smaller entities, organisations subject to the Corporations Act must have an audit each year.

How PwC can help you

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:

  • Examining financial and accounting records, other documents, and tangible items such as plant and equipment
  • Watching certain processes or procedures being performed
  • Asking a range of questions - from formal, written questions to informal, oral questions - of a range of individuals in the organisation
  • Obtaining written confirmations of certain matters - for example, asking a debtor to confirm the amount of their debt with the organisation
  • Testing some of the organisation's internal controls
  • Making judgments on significant estimates or assumptions that management made when they prepared the financial report

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.

What is an Audit?

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.

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What is a Half-year review?

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.

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IFRS - Financial Reporting

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.

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