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05 Mar 2013

Does my organisation need an audit?

Many organisations are required to have their financial statements audited.The requirement to be audited may come from any of the following: governing rules, constitution or trust deed regulators…

05 Mar 2013

Audit – Companies Limited by Guarantee

Small companies with revenue less than $250,000 and not a deductible gift recipientAn audit is only required if : Directed by a member Directed by ASIC Required in…

05 Mar 2013

Audit – Private Companies

Small proprietary companies, which satisfy two of the following: consolidated revenue less than $25,000,000 consolidated gross assets less than $12,500,000 employ less than 50 employeesDo not require an…

05 Mar 2013

Audit levels of assurance

Audit - Review - Agreed Upon Procedures Understanding and managing the reporting requirements of your organisation can be a confusing process. Audits offer the highest level of assurance…

05 Mar 2013

Audit – Reasonable Assurance

An audit will provide an organisation with an opinion on the true and fair nature of the financial statements. An audit involves: review and testing of internal controls…

05 Mar 2013

Review – Limited Assurance

A review provides an organisation with a report on anything that has come to the attention that would indicate a material misstatement. The objective of a review differs…

05 Mar 2013

Agreed Upon Procedures – No assurance

An Agreed Upon Procedure provides a report on factual findings, discovered based on the scope of the engagement. No opinion is provided on the findings. Agreed upon procedure…

05 Mar 2013

The audit process – Systems and control

Where we determine that the internal control framework is sufficient to mitigate audit risk efficiently we document, assess and test internal controls. This intervention seeks to establish the…

05 Mar 2013

The audit process – Substantive

Work is performed on balances and transactions that make up the financial report to ensure that the financial report is true and fair. The procedures used are determined…

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