Do you have a company that requires an audit?
SAAS Audit undertake a range of company audits which are required pursuant to the Corporations Act in the main. SAAS Audit also provides our clients as an additional service with a service of preparing statutory financial statements particularly where they are complex and must be fully compliant.
SAAS Audit can quickly advise if an audit or review is required and what is the appropriate level of reporting for the client given all aspects.
Large Reporting Entities
A large reporting entity is one of sufficient size based on asset holdings, turnover or the number of employees. If your company passes any two of these tests your company will be required to lodge audited financial statements with ASIC on an annual basis.
Companies may also be foreign owned entities or their shareholders or financers may simply require an audit for their benefit only.
Companies Limited by Guarantee
A company limited by guarantee has limited liability which is limited to their members and restricted to a specified value for each member. This structure is often used by not-for-profit or public interest organisations and has three levels of reporting. One where the entity does not require an audit at all, one where an assurance review is required and one where a comprehensive audit is required. For further explanation please call us.
Audits for Special Purpose Reporting Entities
The third audit framework is where a private company may require an audit but due to its limited audience or stakeholder influence it requires a special purpose financial report (based on minimum disclosure requirements) and the framework reflects only those accounting standards that are applicable to the entity.
Statutory Financial Reporting
Any level of statutory reporting can be complex and time consuming. The obligation to be compliant with the Australian Accounting Standards is paramount and getting this right is critical. SAAS Audit uses a dedicated and current audit reporting framework "Caseware " to ensure compliance for both the accountants, auditor's and the clients' protection.
SAAS Audit can help you or your clients with any of your company audit needs or if you just wish to discuss your views and concerns please call, obligation free. Please contact us for more information.