Do I need an audit?
Whether you’re a multi-million dollar company or even a small charity – you may be required to have your financial statements audited.
RDL’s auditors pride themselves on providing quality financial audit and assurance services by taking time to understand your business and assess the potential risks involved, whether it be statutory, compliance or even the day to day. Behind the final report you can rest assured that we have considered and addressed where it could go wrong.
What auditing services do we provide?
Audits come in a range of shapes and sizes – select a category to see if we can assist with your audit and assurance needs:
For-profit entities may require an audit if they meet certain criteria per the Corporations Act. These may include if you are a:
- ‘Large’ company (as defined by the Corporations Act)
- Public company
- Small foreign owned company
There may also be other situations where you need an audit:
- Good governance
- Bank requirements
- Process Improvements
Not for Profit
Charities that are registered with the ACNC have a regulatory requirement to have a review or audit of their financial statements if they have a turnover of more than $250,000. Even if your turnover is under this threshold, you may still require an audit depending on your reporting obligations to members.
At rdl, we have extensive experience in this sector – see below for some of the NFPs that we work with.
Trust account audits are necessary to determine whether the record keeping of monies held in trust have been properly maintained, and to identify whether the trust account is compliant with relevant state legislation.
Some industries that require trust account audits include:
- Real estate
Self Managed Superannuation Funds
ASIC requires that the a self-managed superannuation fund (SMSF) is audited annually by an approved SMSF auditor to ensure that the fund is compliant with the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Grants & Acquittals
Most grants require an entity to submit a copy of its financial statements alongside a grant application to determine whether the organisation has the capacity to deliver the grant’s objectives and to show responsible financial management. An audited set of financial statements provides additional assurance to the grantor that the figures shown are correct.
Once the grant is received, you may also be required to submit an acquittal, or a report detailing how the grant funds were spent and specifically used to fund the project. These often also need to be audited.
The purpose of an internal audit is to provide an independent opinion that an organisation’s systems, risk management, procedures or internal controls are operating effectively and efficiently.
Internal audit is a pillar of good governance. It looks beyond the numbers and instead considers where an organisation may be lacking, and how it can improve on its current processes.
The auditors at RDL have significant experience and expertise dealing with the needs of community service and not-for-profit organisations, and have a thorough understanding of the types of issues that face these organisations and their stakeholders.
Our staff have an active involvement in various charities and community organisations, and are well equipped to deal with matters specific to organisations in the not-for-profit sector.
Some of the sectors in the not-for-profit space that we work together with include: