Audit & assurance
External and statutory audits
Independent financial statement audits for companies, not-for-profits, charities and grant recipients.
An external audit is an independent opinion on whether a set of financial statements gives a true and fair view. We perform financial statement audits and reviews under the Australian Auditing Standards issued by the AUASB, for entities reporting under the Corporations Act 2001, the ACNC Act, incorporated associations legislation, or the terms of a grant or funding agreement.
What the engagement covers
Planning and risk assessment
We start by understanding your entity, its environment and its internal controls, then set materiality and identify the areas where a material misstatement is most likely. You get a clear scope and timetable before fieldwork starts — no open-ended engagements.
Fieldwork with minimal disruption
Most of our audits are performed on data you already produce. We work from your accounting file, request a defined document list up front, and keep queries batched rather than drip-fed to your finance team.
Reporting that is actually useful
You receive the audit report, plus a management letter that sets out control weaknesses and practical recommendations in plain English — ranked by risk, not padded out.
Reviews and agreed-upon procedures
Where a full audit is not required, we perform limited assurance reviews (ASRE 2400/2410) and agreed-upon procedures engagements (ASRS 4400) at a proportionate cost.
Who this is for
Typical clients: External / Statutory Audit
- Proprietary companies that meet the large-company thresholds or are directed to be audited
- Public companies and companies limited by guarantee
- Charities registered with the ACNC (medium and large tiers)
- Incorporated associations and co-operatives
- Grant recipients required to acquit funding with an audited statement
- Entities preparing special purpose financial statements for a bank, funder or constitution
External / Statutory Audit — common questions
Does my company actually need an audit?
Not every company does. A proprietary company generally needs one only if it is 'large' under the Corporations Act size tests, is foreign-controlled, or is directed to prepare audited accounts by ASIC or its members. Charities are driven by ACNC revenue tiers instead, and many entities are audited simply because a funder, bank or constitution requires it. We will tell you honestly if you do not need an audit.
What is the difference between an audit and a review?
An audit gives reasonable assurance — the higher level — and involves testing, third-party confirmations and evidence gathering. A review gives limited assurance and is based mainly on enquiry and analytical procedures. A review costs less, but not every regulator or funder will accept one.
Can you also prepare our financial statements?
Not for an entity we audit. Preparing the financial statements you then audit creates a self-review threat under APES 110. Where independence permits, we can assist with preparation for non-audit clients, or work alongside your existing accountant.
How long does an audit take?
For a small to mid-sized entity with tidy records, fieldwork is usually a few days and the report follows within two to three weeks. The variable is almost always how quickly requested information comes back.
Also from our audit practice
Other audit services
SMSF Audit
Independent financial and compliance audits of self-managed super funds under the SIS Act.
Solicitors' Trust Account Audit
External examinations of law practice trust records under the Legal Profession Uniform Law, lodged with the Law Society of NSW.
Real Estate Trust Account Audit
Trust account audits for real estate agents, property and strata managers and conveyancers, lodged with NSW Fair Trading.
Need a quote or a second opinion?
Tell us the entity, the deadline and the type of audit. You will have a fixed-fee proposal back quickly — usually the same day.