Audit Services

Financial statement audits provide an independent opinion on the financial position and performance of a range of entities. They identify whether the entity complies with accounting standards, relevant laws, regulations and government directions. Our audits also highlight opportunities for the entity to improve their accounting and financial systems and internal controls.

Assura supplies the highest standards of professional integrity, objectivity, independence and technical excellence to all our audits. Our audits are conducted in accordance with AIFRS and Australian auditing standards.

WHO IS REQUIRED TO LODGE
The Corporations Act 2001 requires the following entities to prepare financial reports:

• Large proprietary companies which satisfies two of the following tests – Consolidated revenue exceeding $25 million, Consolidated gross assets exceeds $12.5 million and Consolidated employees totals 50 or more;
• Small proprietary companies (foreign controlled);
• Disclosing entities;
• Public companies;
• Managed investment schemes.

WHEN TO LODGE
Companies must lodge their financial report within the following periods:

• If the company is a disclosing entity or registered scheme: within three months after the end of its financial year. eg. If the financial year of Company is 30 June, they must lodge by 30 September; or
• All other Companies: within four months after the end of its financial year. eg. If the financial year of Company is 30 June, they must lodge by 30 October.

Each year, AFS licencees must lodge with ASIC their profit and loss statement and balance sheet (together with form FS70) and an audit report (together with form FS71). The special purpose audit is required to ensure that AFS licencees comply with their AFS licence conditions, the Corporations Act and Regulations. Assura is experienced in providing audit services to the financial services industry.

WHEN TO LODGE
An AFS licencee must lodge its financial report within the following periods:

• If the AFS licencee is not a body corporate: within two months after the end of its financial year. The financial year of an AFS licencee who is not a body corporate must end on 30 June. This means an AFS licencee who is not a body corporate must lodge by 31 August;
• If the AFS licencee is a body corporate that is a disclosing entity: within three months after the end of its financial year. For example, if the financial year ends on 30 June, an AFS licencee which is a disclosing entity must lodge by 30 September; or
• If the AFS licencee is a body corporate that is not a disclosing entity: within four months after the end of its financial year. eg. If the financial year ends on 30 June, an AFS licencee which is not a disclosing entity must lodge by 31 October.

• Pro forma financial position
• Sensitivity analysis and validity of key assumptions
• Determining the reliability of forecast earnings and cash flows
• Normalising financial performance
• Risk analysis.

The effective operation of any business is dependent on the ability of management to make decisions. In order to make these decisions, management needs information. Effective management is therefore dependent on the existence of effective management information systems which need to be controlled. The adequacy and effectiveness of internal control procedures is the responsibility of the directors and management and becomes increasingly important as the business grows.

Assura is experienced in reviewing and identifying key business risks and providing assurance to the directors that key business management controls exist which adequately address those risks.

We believe that we can add value to your business initially by conducting a detailed assessment of specific aspects of the control system. This would initially include an analysis of the internal reporting systems to assess the adequacy of:

• Monthly reporting including budgets, capacity plans and cash flow – these reports must be appropriate, accurate, timely and sufficiently detailed to address all key business risks;
• Job costing implementation.

Assura has extensive experience in the valuation of many types of non-listed business entities for commercial, litigation and statutory purposes.

Valuing a business is often a complex process. Markets do not exist for many businesses, so the process of comparative valuation (comparing like with like) which is the most desirable method of valuation, is often not possible. Not only is industry knowledge crucial, but at times different valuation methods must be combined in order to arrive at an appropriate value.

Valuing intangible assets, such as goodwill and intellectual property, is also complex with the involvement of elements such as brands, patents, business names, trademarks and domain names.

Our trust account audits cover a wide variety of trust accounts, including real estate agents, property management and accountants. These services help ensure that your trust accounts operate according to industry-specific regulations.

NOT FOR PROFIT AUDITS

The accounts of any person or organisation that holds authority to conduct a fundraising appeal must be audited annually by a registered company auditor. We have been involved in a wide range of audits for charities and community assistance based organisations.

ANCILLARY FUNDS

Private & Public Ancillary Funds

One form of charities within Australia is an ancillary fund. An ancillary fund is a legal structure that can be used to establish a tax-deductible foundation and is usually established and maintained under a will or an instrument of trust. An ancillary fund may be a private ancillary fund (PAF) or a public ancillary fund (PuAF). A PAF is a vehicle used for private philanthropy and by its very nature cannot conduct public fundraising activities. In a PuAF, the public must contribute to the fund and a majority of the trustee must be representative of the public. It is a common structure for community foundations within Australia. All PAFs and PuAFs are required to have their financial statements audited annually. A PAF and PuAF audit includes a financial and a compliance aspect to it. Assura has had considerable experience in auditing PAFs and PuAFs for a number of years.