Audit & Assurance:
External audits provide added value and assurance to the quality of the financial statements for users of your information. The following Audit and assurance services are among those provided to clients:
- External audit
- Internal audit
- Integrity audit
- Special reviews
- Fraud prevention advice
- AIFRS advice
- Internal control advice
- IT audit and security advice
The Principal is experienced in the audit of all types of organisations and business structures, such as unlisted public companies, international enterprises, subsidiaries of foreign organisations, family businesses structured as proprietary companies, trusts and partnerships, statutory audits of legal practitioners, property agents and motor dealers trust accounts, APRA and SMSF superannuation funds, public sector and not-for-profit organisations such as incorporated associations, hospitals, charities, foundations, professional associations, and charitable trusts.
Pursuant to our professional code of conduct, we undertake regular reviews of our audit processes to ensure best practice, while providing the most cost effective procedures. Naturally, this includes the use of continuously updated in-house audit software techniques. Up-to-date Australian Auditing Standards are considered for relevance to the assignment and their requirements incorporated into the audit process.
Audit integrity is very important. The audit processes to be used in any assignment are derived from a professional consideration of the circumstances of the client and the responses contained within the firm’s frequently updated audit toolkit. Matters considered during Audit planning include risk assessment, system documentation and reviews, and the design of effective and cost efficient procedures to be used for testing and verification, including materiality levels.
Our audit processes are based on a thorough understanding of each client, its industry and its environment. Informed by this understanding, existing controls and the risks of material misstatement of the financial statements are assessed, including those caused by the risk of fraud. Audit procedures are then designed and performed to address those risks. Both quantitative and qualitative methods are used to determine the extent of our work. Consideration is given the need for specialised skills in the planning, performing, and evaluation of our procedures. As work progresses, and greater understanding of the nature of the assignment is gained, the audit processes are updated in an iterative manner to take account of that knowledge.
We also carefully review the results of our procedures to reach an opinion on the financial statements and determine whether our risk assessment and audit plan are appropriate.
Because the audit process is fully integrated with and supported by our professional audit toolkit, our audit staff have access to detailed guidance that is geared to their level of experience which guides them throughout the process, while also allowing for an appropriate level of professional judgement.
Naturally, we will report any matter requiring the attention of management as soon as practical after its discovery. At times and to a level of detail agreed and specified in our letter of engagement, we will provide you with management reports to ensure that what is learnt through the audit process is fully disclosed and understood.
Our approach is rigorous and delivers a high level of consistency to clients across the practice.
You can utilise the experience and expertise of this firm to your advantage by using the contact page for an obligation-free assessment of your circumstances.