Audit and Assurance Services in Australia
Fastlane Group prioritizes delivering high-quality Audit & Assurance services. Our committed team serves as your trusted advisor, leveraging a vast global network and in-depth local business knowledge to provide excellent value across diverse industries. Trust us to navigate the ever-changing economic climate, ensuring transparency, regulatory compliance, and informed decision-making for your sustained success.
We can help to assure compliance with applicable reporting standards and identification of internal control issues
Xero Based Audit
Paperless with our Xero audit engagement. You will experience a seamless and time-efficient audit engagement using Xero accounting software
Having an accurate tax computation is critical to the company. Partnering with a professional like us can help you keep your tax computation compliant and hassle-free
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Elevating Financial Confidence with Our Professionals
Conducting mandatory audits of financial statements to ensure compliance with local regulations and accounting standards
Evaluating internal controls, risk management processes, and operational efficiency to provide independent assessments and recommendations for improvement
Financial Statement Audit
Examining financial records, transactions, and disclosures to verify their accuracy, completeness, and adherence to accounting principles
Assessing compliance with specific laws, regulations, or industry standards to identify any deficiencies and recommend corrective actions
Due Diligence Audit
Conducting thorough financial investigations and assessments to evaluate the financial health and risks associated with potential business acquisitions or mergers
Special Purpose Audit
Performing audits for specific purposes such as forensic investigations, fraud detection, or agreed-upon procedures tailored to meet unique client needs
Internal Control Review
Assessing the design, implementation, and effectiveness of internal controls to identify weaknesses and provide recommendations for strengthening them
Audit of Non-Profit Organizations
Conducting audits for non-profit organizations to ensure accountability, transparency, and compliance with applicable regulations
Consolidated Financial Statements Audit
Auditing consolidated financial statements for groups of companies to verify their accuracy, intercompany transactions, and elimination of any duplication or errors
Evaluating the environmental, social, and governance (ESG) performance of organizations to assess their sustainability practices and provide recommendations for improvement
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Frequently Answered Questions
An audit is a process of examining and evaluating the financial records of a company to ensure that they are accurate and compliant with applicable laws and regulations. It is necessary for Australia companies because it can help to ensure the accuracy of financial statements, compliance with laws and regulations, improvement of internal controls, and provide assurance to stakeholders. The audit report will also be used to determine the company’s tax liability.
The Australian Auditing Standards (AUS) are the auditing standards that are used in Australia. They are issued by the Auditing and Assurance Standards Board (AASB), which is the independent standard-setting body for the auditing and assurance profession in Australia.
The AUS are based on the International Standards on Auditing (ISAs), but they also include some additional requirements that are specific to the Australian context.
- Responsible for preparing the financial statements in accordance with applicable accounting standards.
- Responsible for providing the auditor with access to all relevant records and information.
- Responsible for responding to the auditor’s inquiries in a timely manner.
- Responsible for planning and conducting the audit in accordance with the Australian Auditing Standards (AUS).
- Responsible for obtaining an understanding of the company’s internal controls and assessing their effectiveness.
- Responsible for performing tests of controls and substantive procedures to obtain evidence about the accuracy and completeness of the financial statements.
- Responsible for forming an opinion on whether the financial statements are prepared in accordance with applicable accounting standards and whether they give a true and fair view of the company’s financial position and performance.
- Responsible for issuing an audit report that communicates the auditor’s findings to the company’s management and shareholders.
- Responsible for ensuring that the financial statements are prepared in accordance with applicable accounting standards and that they give a true and fair view of the company’s financial position and performance.
- Responsible for signing the financial statements and the auditor’s report.
- Responsible for preparing the company’s tax return and filing it with the relevant tax authorities.
- The company submits its financial statements to the auditor.
- The auditor performs planning and risk assessment procedures.
- The auditor obtains an understanding of the company’s internal controls.
- The auditor performs tests of controls and substantive procedures.
- The auditor forms an opinion on the financial statements.
- The auditor issues an audit report.
- The company’s directors sign the financial statements and the auditor’s report.
- The company’s tax agent prepares the company’s tax return and files it with the relevant tax authorities.
The specific responsibilities of each party involved in a statutory audit may vary depending on the specific circumstances. However, the general workflow and responsibilities outlined above are typically followed in Australia.
The auditor needs the company’s management accounts, which include
- Trial balance
- Balance sheet
- Profit and loss statement
- General ledger
Once these accounts have been gathered, the auditor can begin auditing the company’s financial records. Along the way, the auditor will need to collect supporting documents to verify the entries in the management accounts.
Supporting documents that the auditor may need:
- Bank statements
- Other documents that support the entries in the management accounts
While you can conduct the internal audit yourself, you still need an external audit to certify your accounts and file your taxes with a tax agent. This is required by law under the Corporations Act 2001 (Cth).
The external audit is conducted by a qualified auditor who is not affiliated with the company. This means that the external auditor is able to provide an objective opinion on the fairness of the company’s financial statements.
An audit firm can provide advisory services to help you make better decisions about your company’s finances:
- Tax planning: An audit firm can help you to identify tax deductions and credits that you may be eligible for. They can also help you to structure your business in a way that minimizes your tax liability.
- Risk management: An audit firm can help you to identify and mitigate risks to your company’s financial health. This can include risks such as fraud, errors, and compliance violations.
- Compliance: An audit firm can help you to ensure that your company is complying with applicable laws and regulations. This can include laws and regulations related to accounting, auditing, taxation, and other areas.