At Integrated Audit Service we work with you, we see an audit as an opportunity for a fresh set of eyes to look over your business and highlight areas for improvement. If you are a company or corporation we will determine whether an audit is required - for example, ASIC registered corporations may in some instances require an audit of their financial statements.
Those requiring audit are:
Companies Limited by Guarantee
These are usually not for profit businesses such as sporting clubs, charities and foundations. The ASIC reporting and auditing requirements are tiered.
Tier 1 – Where revenues are less than $250,000.00 financial reports are not required nor is an audit or review.
Tier 2 – Where revenues are less than $1,000,000.00 financial reports are required which must be reviewed or audited by a registered company auditor and must prepare directors’ reports.
Tier 3 – Where revenues are more than $1,000,000.00 financial reports are required which must be audited by a registered company auditor and must prepare directors’ reports.
These entities may also be registered with the ACNC which takes precedence over ASIC regarding audits. See our commentary under not for profit organisations.
Large Proprietary Companies
Companies which fail certain tests are required to be audited. These tests are, revenues are $25m or more per annum, gross assets are $12.5m or more and employee numbers are 50 or more. If at least two of these tests are relevant then an audit is required.
Foreign owned Companies
Small proprietary companies, which are those with turnover less than $25m, gross assets of less than $12.5m and with less than 50 employees must be audited. However relief from audit is available in certain circumstances.
Unlisted Public Companies
All public companies whether listed or unlisted require an audit of their financial statements.
Integrated Audit Service is based in Brisbane, but offer our services to all regions of South East Queensland, and in fact Australia wide. Contact Us with your enquiry, let's get started on your audit today!