Articles

05 Mar 2013

Audit – Charities and not-for-profit organisations

Small charities Total revenue less than $250,000 No review or audit of financial statements required unless required by governing documents or directed to by a member or external…

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05 Mar 2013

Audit – Other organisations

Other organisations may be required to have their financial statements audited if: Required to under their governing documents or Directed to by a regulator or other party

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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…

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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…

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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…

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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…

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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…

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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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05 Mar 2013

The audit process – Reporting

During the reporting stage of the audit we will communicate with both management and the governance members.

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16 Feb 2013

Business value – Sustainable profitability

Profitability is a key component in valuing your business. You need to understand your key profit drivers and KPIs and those relevant to your industry. Have you considered…

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