Allworths Chartered Accountants

Audit

We audit a wide variety of businesses both for our own clients and those of other accountants.

We specialise in:

• AFSL holders and audit of managed funds
• not for profit organizations
• trust accounts
• foreign subsidiary financial statements

Statutory requirements

There are certain entities that are required by law to have an audit. These include:-

• All public companies
• Large Pty Limited Company’s who have two of the following
  • Consolidated turnover greater than $25 million
  • Consolidated gross assets greater than $12.5 million
  • More than 50 employees
  • Subsidiaries of overseas companies. There are some exemptions to this.

As well as the statutory requirement for some entities to be audited, there are benefits to having an audit conducted on your business.

An Audit will:-

• Analyse and help you understand your company’s financial records.
• Help identify weaknesses in systems and controls and strengthen these
• Identify key areas for improvement in your company.
• Assess risks, economy, efficiency and quality.
• Uncover fraudulent or other illegal activities within your company.
• Prepare your business for sale – our experience with business sales shows that having audited accounts ensures the process is efficient.
• Assist in winning new business – in one case a property developer chose to have an audit, as it assisted them in winning larger contracts with government authorities.

Benefits of an Audit

The benefits of an audit are numerous. Audits can improve a company’s efficiency and profitability by helping management better understand their own working and financial systems. The management, as well as shareholders, suppliers and financiers, are also assured that the risks in their organisation are understood, and effective systems are in place to handle them.

Audits can also identify areas in an organisation’s financial structure that need improvement, and how to implement the proper changes and adjustments. An audit can uncover inaccuracies and discrepancies within an organisation’s records, which may be indications of weak financial controls or even internal fraud.

In Summary the Benefits of Audit are:

• Analyse the business
• Identify key areas for improvement
• Winning businesses
• Detection of fraud
• Selling your business

How can we assist?

As Auditors we provide a unique broad perspective of a company which can be applied to deliver effective analyses and relevant information. Management can use this information to evaluate the company or systems and implement measures necessary to meet their objectives.

With constant changes to legislation we have implemented up to date computerised audit systems to ensure a high quality audit is performed for clients.

Contact us today to discuss your audit requirements.