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Hi everyone

Thank you for visiting to our web site. Let me briefly explain what an audit is. 

An audit provides an independent opinion on the financial report of the entity of the year end and  provides assurance to the reader that the financial statements are fairly stated and are not materially misstated. But that’s not all an audit does.

Hi everyone

Thank you for visiting to our web site. Let me briefly explain what an audit is. 

An audit provides an independent opinion on the financial report of the entity of the year end and  and/or provides assurance to the reader that the financial statements are fairly stated and are not materially misstated. But that’s not all an audit does.

An audit is undertaken in real time dealing with the state of play both in the present and the past, primarily at the date of the audit.   An audit does not only report past performance, but also has a focus on current performance and stability and is the barometer for a business heath check. It brings management, directors, owners and stakeholders to account.

Integrity from both side is a critical component of a successful Audit. The auditor has a statutory responsibility at law to report to the appropriate authority breaches of the law and has a much a wider perspective than one might think (NoClar). However, the auditor is also bound by the privacy legislation (Privacy Act). So your information is safe. 

 

An auditor is also bound by the APES standards and the Australian Auditing Standards where applicable and have regard to the Australian Accounting and Reporting Standards in signing the financial statements of an entity.

Whilst the audit is focussed on compliance audits in the main, an audit can be still be very engaging and mutually rewarding. The client always is always given feedback on audit findings and a chance to rectify any issues.

In this way an audit adds value to the business.

 

An audit is undertaken in real time dealing with the state of play both in the present and the past, primarily at the date of the audit.   An audit does not only report past performance but also has a focus on current performance and stability and is the barometer for a business heath check. It brings management, directors, owners and stakeholders to account.

Integrity from both side is a critical component of a successful Audit. The auditor has a statutory responsibility at law to report to the appropriate authority breaches of the law and has a much a wider perspective than one might think (NoClar). However, the auditor is also bound by the privacy legislation (Privacy Act). So your information is safe. 

An auditor is also bound by the APES standards and the Australian Auditing Standards where applicable and have regard to the Australian Accounting and Reporting Standards in signing the financial statements of an entity.

Whilst the audit is focussed on compliance audits in the main, an audit can be still be very engaging and mutually rewarding. The client always is always given feedback on audit findings and a chance to rectify any issues.

In this way an audit adds value to the business.

Companies

GPS undertake a range of statutory audits which are required pursuant to the Corporations Act and other specific legislation. 

GPS can provide an additional service in preparing statutory financial statements, particularly where they are complex and need to be ASIC compliant.

GPS can quickly advise if an audit or review is required and what is the appropriate level of reporting for the client given all aspects.

Large Reporting Entities

A large reporting entity is one of sufficient size based on asset holdings, turnover or the number of employees.  If your company passes any two of these tests, your company will be required to lodge audited financial statements with ASIC on an annual basis. 

Companies may also be foreign owned entities or their shareholders or financiers may simply require an audit for their benefit only.

Companies Limited by Guarantee

A company limited by guarantee has limited liability to their members and restricted to a specified value for each member. This structure is often used by not-for-profit or public interest organisations and has three levels of reporting. One where the entity does not require an audit at all, one where an assurance review is required and one where a comprehensive audit is required. For further explanation, please call us.

Statutory Financial Reporting   

Any level of statutory reporting can be complex and time consuming. The obligation to be compliant with the Australian Accounting and Reporting Standards is paramount and getting this right is critical. GPS uses a dedicated and current audit reporting framework “Caseware ” to ensure compliance and meet prescribed disclosures.

Not for Profit Audits

The Not For Profit sector covers Clubs and associations, Religious organisations, Public interest entities, Incorporated and Unincorporated entitles, Public and Private Ancillary Funds and Parent and Citizens Associations.

The Not for Profit sector has undergone some significant changes in aspects of governance, financial reporting, operational performance and effectiveness. This is premised by the creation of the Australian Charities and Not-For Profit Corporation (ACNC) legislation. The values established under this legislation bring into focus a sector that had little or no regulation in place, in respect to governance and accountability.

Paramount in this process is fraud minimisation, money laundering, misuse or misdirection of funds raised publicly or otherwise.                         

Audit forms a vital link in overviewing all aspects of performance, a watchdog role when needed and assistance with compliance with the Australian accounting and reporting standards.

Assurance audits and Reviews

Assurance audits and reviews incorporates real estate businesses, accountants, solicitors, retail turnover reviews, grant acquittals compliance reviews and the like. Assurance audits and reviews have their base in legislation in the main and are designed to provide confidence and reasonable certainty to the user of those reports.   

Assurance audit and reviews are now clearly defined by the APES standards. Practitioners undertaking these types of activities must not only comply with the prescribed audit standards but also have regard to the recently revised APES standards effective from 1 January 2020.

GPS has the ability to undertake audits and reviews which provide a level of assurance to the regulator that the licensee or person responsible have complied with the appropriate legislation.

With respect to real estate businesses, accountants and solicitors these assurances relate to the management of monies held in trust.                               

Special investigations are based on ‘agreed to procedures’ based on the nature of the investigations. GPS currently has experience in the assessment of business losses in respect to property insurance claims, working with insurance companies, loss adjustors and brokers in relation to these matters.   

Compliance reviews effect a wide range of areas including financial services, licensing, not for profit entities such as associations and companies limited by guarantee and grant acquittals.                  

The key differences between Audit and Review relate to the extent of control and substantive testing required and the limitation on audit opinion prescribed.

The Australian Standards Review Engagements are specific standards covering this type of work, examples include ASRE 2000 (Financial Report where the reviewer is not the auditor), ASRE 2400 (compliance reviews) ASRE 2405 Historical Information (Forensic), ASRE 2410 (Financial Report by appointed auditor- Associations); ASRE 2415 (Companies Limited by Guarantee).                        

The form of the reports is often determined by the applicable legislation. Reporting is often pre-formatted and based on compliance requirements.

Self Management Superannuation Funds

GPS through its principal Gary Smith has a long-standing reputation for providing efficient, effective and truly independent audit support for accountants and administrators in the audit of Self Managed Superannuation Funds. Gary is not only a registered superannuation auditor, but also a registered company auditor.

How GPS works

GPS currently has established relationships with Accountants and Administrators and often provides guidance on audit and compliance requirements in the form of checklists and designated forms for trustee declarations and disclosures.

The audit of a SMSF comprises a financial audit of the fund in order to establish that the financial report is fairly stated and not materially misstated together with a compliance audit which assesses SIS compliance.

GPS provides general advice and refers any specific issues arising on individual funds, if necessary, to an external specialist. “Heffron”.

GPS works with its clients and trustees to resolve issues and deal with potential breaches in an open communication environment prior to issuing any contraventions.

Monitoring                       

The superannuation industry is monitored closely by the Australian Taxation Office and regulated by ASIC. The role of the administrator is to assist the Trustees in compiling a financial report and to provide specific advice on the management of the fund.                            

The primary focus of the audit is ensuring the financial report is fairly presented and not materially misstated and to ensure compliance with the legislation and to report to ASIC and the ATO on contraventions by trustees. Trustees are advised to consult with their accountants and auditors in a proactive environment.

Independence                  

GPS prides itself on the its audit independence being an audit only firm and can provide the assurance necessary to both Trustees and Administrators by performing a watchdog role in the activities of the fund.

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We Offer the Following Business Services:

On site consultation - business evaluation and performance

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On going mentoring in financial management

We can help you or your clients with any of your company audit needs or if you just wish to discuss your views and concerns. Please contact us for more information, obligation free.

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