Financial Audits
Financial audits aim to provide an independent opinion on whether financial statements are true and fair and comply with the applicable Australian Accounting Standards.
We can help you with a scope of works to ensure compliance with Australian Auditing Standards ,and gather sufficient audit evidence, assess going concern, communicate findings to governance, and issue a formal report while maintaining ethical standards and robust quality management systems.
Financial Audit Process for Australian Charities
Understanding the charity and audit scope
The auditor confirms the charity’s legal structure, ACNC size classification (small, medium, or large), reporting requirements, and activities to determine the audit scope and applicable accounting and regulatory standards.
Examination of financial records and controls
The auditor tests financial transactions, balances, and key controls (including income, expenses, payroll, assets, and restricted funds) to obtain assurance that the financial statements are accurate and compliant.
Reporting of audit findings and opinion
An independent audit opinion is issued on the financial statements, along with any management recommendations, and the results are reported to the Board and lodged with the ACNC where required.