The Inevitable Digital Revolution We all see it, our audit clients are going through a technological revolution. Digital innovation is upon us. Words like efficiency, productivity, labour, new markets, have taken on new meanings as their scope and boundaries grow exponentially. So, what is the role of the auditor in all this? Auditing experts [...]
Charities - Don’t Operate Insolvent The ACNC’s governance standard 5 requires a charity’s responsible persons to ensure that their charity is not operating while insolvent. Charities must take reasonable steps to ensure its responsible persons fulfil duties set out in the standard. For a charity that is a company, in addition to standard 5, [...]
Rigorous and Thorough Aged Care Compliance Brown Assurance Services approaches every aged care project with complete focus. The Australian government has successfully created awareness for better aged care over the last decade. With stronger controls and high-quality governance in place, accountability is a cornerstone of the new system. With these high standards in mind, [...]
Getting Rid of The Extra Paper Auditing teams are often buried in evidence, with the notion that more information is better than less. At Brown Assurance Services, we have a different take on this. By having a well-thought through approach and a collective strategy, we eliminate excessive audit evidence by knowing what we are [...]
What is a Grant Acquittal? Acquitting a grant means making sure that all funded activities are accurately reported. As a formal condition of funding, an unsatisfactory grant report can negatively affect your opportunity to avail of further payments that might be due, or make you ineligible for new grants. Special attention must be paid [...]
The Importance of Clubs Sporting Clubs are an integral part of the Australian community. Usually community run, they bring people together and are important for a balanced life. Sporting clubs can make profit, but many operate using fundraisers and grants. Many clubs are not-for-profit, others engage in trading activities to make an income. What [...]
Internal Audits An internal audit is best thought of as an examination of the financial statements and records of a business or organisation, by its own people. They are called internal auditors and usually appointed by management. Their responsibilities and the scope of their work is determined by an audit committee. Because they are [...]
What are Audit Working Papers? While conducting an audit, any documents which include details about accounts under audit are considered working papers. A good auditing team will keep careful records of all written and private materials that were prepared during an audit. They describe in detail all accounting information obtained from a client, the [...]
What are Audit Obligations for Private Companies? Under the Corporations Act, Private Companies are obligated to undergo audits when: Consolidated revenue for the financial year of controlled entities is $25 Million, or any other amount prescribed by the regulations for these purposes. The value of the consolidated gross assets at the end of the [...]
What is a Trust? Unlike a company or an individual, a trust is not considered a legal entity or a person. It is, by definition, a relationship that is recognised and enforced by the court of law in the context of their “equitable” jurisdiction. Australian courts very strictly enforce the nature of a trustee’s [...]
