Corporations Act 2001
Australian Charities and Not-for-profit Commission Act 2012
Corporations (Aboriginal and Torres Strait Islander) Act 2006
Taxation Administration (Private Ancillary Fund) Guidelines 2019 (Taxation Administration Act 1953)
Fair Work (Registered Organisations) Act 2009
Co-operatives National Law
Various State-based Associations Incorporation legislation
Franchising Code of Conduct (Competition and Consumer (Industry Codes—Franchising) Regulation 2014)
There is a range of key legislation for the regulation of companies, associations, co-operatives, registered organisations and other entities requiring audit of the financial statements. The legislation includes:
We service the audit requirements of entities covered by the above legislation. Depending on the circumstances of each entity they may require to have prepared and audited:
General Purpose Financial Statements - Tier 1
General Purpose Financial Statements - Tier 2
Special purpose financial reports
Financial Statement
Audit Services
Real estate trust accounts
Solicitor trust accounts
Accountant trust accounts
Project and retention trust accounts
There are a number of audit requirements relating to the regulation of trust accounts across various industries including:
We have an in-depth understanding of these in the context of their operation in Queensland and obligations under the following legislation:
Agents Financial Administration Act 2014
Legal Profession Act 2007
CAANZ and CPA professional standards
Building Industry Fairness (Security of Payment) Act 2017
In Queensland there are specific requirements imposed by the Office of Fair Trading on reporting to them in relation to trust accounts, other than those regulated by the Queensland Law Society and the Queensland Building and Construction Commission.
Trust Account
Audit Services
the financial reports audited in accordance with the Australian Auditing Standards
their compliance with the following from the SISA and SISR audited in accordance with ASAE 3100 Compliance Engagements
Each SMSF trustee (individual trustee or director of the corporate trustee) is responsible for the annual preparation and fair presentation of a financial report in accordance with the financial reporting requirements of the SMSF’s governing rules, the Superannuation Industry (Supervision) Act 1993 (SISA) and the Superannuation Industry (Supervision) Regulations (SISR). They are also responsible for compliance with key aspects of the SISA and SISR.
The SMSF trustee must have:
We have in-depth specialist qualifications, skills and experience in the delivery of these engagements for many SMSF.
SMSF
Audit Services
Excellence
Audit & Assurance Services
Special purpose financial reports associated with project income and expenditure, including an audit or certification of those reports
Confirmation of the use of the funds in accordance with the terms and conditions of funding
Numerous organisations in the not-for-profit sector as well as in industry receive grant or other funding under agreements with government. These often impose a range of obligations on the recipient in relation to use, financial reporting and audit or assurance. This may include:
We have extensive experience in assisting organisations in fulfilling these requirements.
Grant Audit
and Assurance Services
Design and implementation of controls
Operating effectiveness of controls
Legislative and regulatory compliance
Contractual compliance
Due diligence
Assurance and Audit
Often organisations are required to obtained an independent assurance or audit report around controls or compliance over a system, application, process or function. These may cover an opinion on:
We have extensive experience with the frameworks applicable for these which include:
ASRE 2400 (ISRE 2400) Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity
ASRE 2405 (ISRE 2405) Review of Historical Information Other than a Financial Report
ASRE 2410 (ISRE 2410) Review of a Financial Report Performed by the Independent Auditor of the Entity
ASRE 2415 Review of a Financial Report: Company Limited by Guarantee or an Entity Reporting under the ACNC Act or Other Applicable Legislation or Regulation
We also partner with specialist where appropriate undertaking the above assurance engagements specifically associated with SOC 1 and SOC 2 assurance engagements applying the Trust Services Criteria for Australian entities and International entities.
Review services
Often organisations may wish to have a limited review of financial information or reports. We have extensive experience in the various applicable frameworks for these reviews including:
ASAE 3000 (ISAE 3000) Assurance engagements
ASAE 3100 Compliance
ASAE 3150 Assurance engagements on controls
ASAE 3402 (ISAE 3402) Assurance engagements on controls at a service organisation
ASAE 3500 Performance
Internal Audit Services
The purpose of internal audit is to enhance and protect organisational value by providing risk-based and objective assurance, advice, and insight. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
We have extensive experience within the team with provision of internal audit services for the Government and Not-for-profit sectors, through out-sourced, co-sourced and specific project arrangements. This has encompassed strategic, tactical and operational functions across organisations and included:
Strategic and annual risk based internal audit planning
Assurance mapping
Efficiency and effectiveness reviews
Compliance reviews
Maturity reviews
We use the International Professional Practices Framework (IPPF) which is the conceptual framework that organises authoritative guidance promulgated by the Institute of Internal Auditors (IIA) as mandatory guidance and recommended guidance.
Assurance, Review
and Internal Audit Services
An increasing number of organisations are seeking to gain or maintain carbon neutral certification under the Climate Active Carbon Neutral Standard. There are various types of verification and audit that have to be applied against the various certifications.
We work extensively with organisations in the verification of their certification against the Standard. We partner with Carbon Intelligence Pty Ltd in the performance of assurance audits against the standard.
Verification engagements for certification against the Climate Active Carbon Neutral Standard for Organisations
Assurance audits against the Climate Active Carbon Neutral Standard
Climate Active
Audit Services
We assist organisations meeting their statutory reporting obligations through use of our Agile ® technology. We can prepare financial report for:
We have extensive skills and experience in these areas due to our in depth understanding of the various reporting requirements gained through audit.
Various statutory bodies for annual reporting
General purpose financial statements for reporting to the QBCC
Financial reports for grants and contract reporting
Financial Statement
Services
Contract compliance health checks
Legislative compliance health checks
Due diligence preparation
Advice to board and audit committees
Board and audit committee independent appointments
Internal audit services
Organisations are faced with a range of significant challenges to ensure they meet the ever-increasing complexity of operations, and legislative requirements and ensuring they maintain sound governance, risk and compliance frameworks.
We are able to apply our significant knowledge, qualifications and skills in ensuring organisations have sound governance, risk and compliance frameworks in place. We are able to assist with:
Governance, Risk
and Compliance Services
What Our Clients Say
It has certainly been a massive effort from everyone to achieve this for us. From both of us, a big thank you for your incredible patience, expertise and your professionalism in dealing with this complex engagement and stakeholders. As I look back over the last few months and what we all had to deal with I am very proud to have worked with an incredible team that did not give up.
Private Company
CEO
“Thank you again for all your help bringing us back to legal standing in our audit status. We really appreciate your hard work and excellent communication!”
Not-for-profit
Board Member
“Board and management, on the back of a successful and streamlined audit last year with your Team, confirmed the continuance of your appointment as auditors”
Not-for-profit
General Manager
“Thanks to the team for delivering the audit within the very tight timeframe!”
Not-for-profit
Business Manager