Audit

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7 12, 2018

What’s An Audit, and Do I Need One?

Everyone wants to know they are dealing with credible information, whether it be shareholders, creditors, lenders, employees, analysts, prospective investors, so that they can make assessments and decisions with confidence. An audit can also deliver value to an organisation by providing business advice on the internal controls, processes of the business, and recommendations for improvement. When conducting

26 09, 2017

Reduced Disclosure Requirements (RDR)

Simpler Financial Reports The Australian Accounting Standards Board (AASB) have introduced standards that will reduce the disclosure requirements for certain entities preparing “general purpose financial statements” (financial statements that comply with all Australian Accounting Standards). As the name would suggest, this will enable preparers of “general purpose financial statements” to prepare financial statements that

26 09, 2017

What is the difference between an ‘audit’ and a ‘review’ of a financial report?

  Certain Companies limited by guarantee and Incorporated Associations in Victoria can choose whether to have their financial report audited or reviewed. Eligibility for a review is based on turnover of the entity as follows: Turnover Legislative Audit/Review Requirements < $250,000 (and is not a deductible gift recipient) No audit or review required <

26 09, 2017

Australian Financial Reporting Framework

  In Australia, there are 3 types of financial reports which can be prepared. Although some types of entities have legislative requirements which state which type of financial report they must prepare, for the most part the type of financial report prepared for each entity is determined by the requirements of the potential users

31 05, 2017

Warning: The ASIC is contacting companies that have not lodged their financial statements to confirm their lodgement obligations

Earlier this month the Australian Securities and Investments Commission (ASIC) wrote to proprietary companies that have not lodged their audited financial statements with the ASIC for the 2016 financial year.  The ASIC is asking proprietary companies to confirm for the 2016 financial year which of the following categories they are classified: large proprietary company small

29 05, 2014

Has your auditor asked you to sign a Bank Confirmation Form?

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Has your accountant or auditor recently asked you to sign a set of bank confirmation forms? Have you asked yourself why are they making me sign this? A bank confirmation or a bank audit request assists auditors in obtaining third party, independent confirmation over year end balances held, covenants in place, accounts opened or closed