You have enough to worry about during the year without stressing over audit and assurance obligations. Camphin Boston will relieve you of that worry. We will also help with reducing costs, identifying risk areas, improving process and management reporting,

Audit & Assurance services include:

  • Corporations Act audits
  • Due diligence on acquisitions
  • Financial Services License audits
  • Limited scope investigations
  • Property outgoings, marketing funds and sinking funds
  • Retail turnover audits
  • Review of forecasts and prospective information
  • Self-managed superannuation fund audits
  • Real Estate Agents & Solicitors trust account audits
  • Not-for-profit organisations/associations audits

Let's talk about Audit & Assurance

  • What companies need to be audited?

    Audit requirements come from a number of sources, including the Corporations Act 2001, your company’s constitution, your bank, shareholder requests and other government legislation.

    Large, public proprietary limited companies and small, foreign-owned proprietary limited companies are required to be audited under the Corporations Act.

    Special rules apply to not-for-profit public companies limited by guarantee.

  • Are there any audit exemptions available to us?

    Yes! ASIC will sometimes exempt small, foreign-owned proprietary limited companies and entities that are part of a consolidated group, provided certain conditions are met.

  • What benefits can I expect from a company audit?

    Yes! ASIC will sometimes exempt small, foreign-owned proprietary limited companies and entities that are part of a consolidated group, provided certain conditions are met.

  • How should we prepare for our first audit?

    Begin with a clear understanding of what your audit and financial reporting requirements are. Know the extents to which you need to adhere to Australian Accounting Standards or International Financial Reporting Standards and the disclosures you are required to make in the financial statements – including any relevant, non-financial data.

    You’ll also need to review your current accounting system and processes to:

    1. make sure adequate data is captured and reconciled, and
    2. compare your current accounting policies to Accounting Standards and identify any differences

    You’ll also need to have a planning meeting with your external auditor to gather a checklist of documents and a timetable of what procedures will happen and when.

  • Do I need to have my SMSF audited?

    Yes. Annually. This includes an audit of financial statements and the Fund’s compliance with SIS laws. Auditors are required to report any significant contraventions to the ATO, as there will be questions in the Fund’s annual tax return regarding the outcome of the audit.

  • What should I look out for when preparing a property outgoings statement?

    Retail property outgoings statements should be prepared in accordance with the Retail Leases Act of that State as well as the lease. Specific areas that often require adjustments include: recovery of land tax, management fees, audit fees, repairs vs capital items, and tenant-specific costs. We can advise on appropriate documentation for related party fees regarding your property.

  • What is the difference between an audit, a review and an agreed-upon procedure?

    An audit involves extensive testing and results in an opinion of positive assurance, i.e. the subject matter is true and fair in accordance with the applicable framework.

    A review is similar to an audit, but less rigorous in terms of the nature and extent of the procedures used. As such, review results only offer limited assurance on the subject matter. An opinion of negative assurance is provided, i.e. nothing has come to our attention that the subject matter is not true and fair in accordance with the applicable framework.

    The term “agreed-upon procedures” refers to issues where management dictates the scope and extent of tests to be performed on a limited subject matter. Findings are reported without any opinion. These are useful when management wants an external expert to monitor financial statements at a minimal cost or for interim reporting between annual audits. This is also useful if you’re looking to review a specific risk or area, such as due diligence when buying a business, performance evaluation of a new process, or suspicion of fraud.