Company Audit | Financial Statement Audit Australia

Company and financial statement audits under the Corporations Act.

Whether you are a large proprietary company that has crossed the reporting thresholds, a foreign-controlled subsidiary, or a company that needs an audit for a lender or shareholder, we deliver a clean, well-evidenced financial report audit that stands up to scrutiny.

Overview

What a company audit covers.

A company audit is an independent examination of a company's financial report, giving an opinion on whether it presents fairly and complies with the accounting standards and the Corporations Act 2001.

A proprietary company is generally classed as large, and required to be audited, when it meets at least two of three tests in a financial year: consolidated revenue of $50 million or more, consolidated gross assets of $25 million or more, or 100 or more employees. Audits are also commonly required by a company's constitution, shareholders, banks or grant agreements even when the law does not compel one.

What's included.

Risk-based planning. We scope the audit around where the real risk sits in your numbers, so effort goes where it matters rather than ticking boxes.

Financial report audit. Testing of revenue, expenses, assets, liabilities and disclosures against Australian Accounting Standards and the applicable framework.

Independent auditor's report. A signed opinion suitable for lodgement, lenders, shareholders or your group auditor.

Closing report. A management letter covering control observations and anything worth tightening before next year.

How it works.

Scope and quoteWe confirm the framework that applies to you, agree the scope, and give you a fixed fee.

FieldworkWe plan, request a clear list of supporting documents up front, and carry out testing with minimal disruption to your team.

Sign and reportWe issue the independent auditor's report and a management letter, ready for lodgement or distribution.

Common questions.

Does my proprietary company need to be audited?

Generally yes if it is a large proprietary company, meeting two of three tests: $50m consolidated revenue, $25m consolidated gross assets, or 100 employees. Small companies that are foreign-controlled, or whose constitution or a lender requires it, may also need an audit. We can confirm your position before you commit.

What is the difference between an audit and a review?

An audit gives reasonable assurance and a positive opinion that the financial report is free of material misstatement. A review gives limited assurance and a lower level of work. We offer both, and we will tell you honestly which one your situation actually calls for.

Can you act as group or component auditor?

Yes. We routinely audit Australian subsidiaries of overseas groups and report to a parent auditor on the timetable and instructions they set.

How disruptive is the audit to our staff?

We send a single, clear request list at the start and consolidate questions, so your finance team is not interrupted repeatedly. Most fieldwork is done from records provided electronically.

Get a fixed-fee quote.

Tell us about the entity and the financial year, and we'll come back with a fixed-fee quote within one business day.