ASIC registered corporations may in some instances require an audit of their financial statements.

Those requiring audit are:

Companies Limited by Guarantee

Large Proprietary Companies

Foreign owned Companies

Unlisted Public Companies

Many not for profit entities are registered with the State based Office of Fair Trading under the Associations Incorporation Act 1981. Also registration under the Collections Act 1966 and the Gaming Machine Act 1991 may be applicable.

Audit requirements vary dependent upon the size of the entity.

If you hold an AFSL you are required to have your financial statements audited and in addition an audit of a number of compliance requirements.

Every responsible entity of a registered scheme must appoint an auditor to the scheme within one month after the day on which a scheme is registered with ASIC.

These organisations are generally either a company limited by guarantee registered with ASIC or an incorporated association registered with the Office of Fair Trading. In most cases they will also be registered with the ACNC as a charity.

All self-managed superannuation funds have an annual audit requirement imposed by legislation and administered by the ATO. This annual audit is of a financial and compliance nature. As auditors we must sign off on compliance with specified sections and regulations of the relevant legislation. We are required to report to the ATO in some circumstances contraventions of the legislation.

An investigative assignment often requested by prospective purchasers of businesses. These are not required by statute and are not audits. We issue comprehensive reports with our findings which can be relied upon in making informed decisions surrounding the purchase of a business.

An investigative assignment often requested when there is evidence of or suspicion of fraud or misappropriation in a business. We issue comprehensive reports with our findings which can be used in evidence and insurance claims.

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There are various pieces of legislation which require annual audits of trust accounts which fall into three broad categories. Office of Fair Trading for real estate agents, auctioneers and debt collectors, Department of Justice and Attorney General for accountants and the Queensland Law Society for solicitors.

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