10 10, 2021

When to Audit Grant Acquittals


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 [...]

When to Audit Grant Acquittals2021-08-11T19:48:13+10:00
25 09, 2021

How Sporting Clubs Keep Records Up-To-Date and Compliant


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 [...]

How Sporting Clubs Keep Records Up-To-Date and Compliant2021-08-11T19:47:26+10:00
10 09, 2021

Internal vs External Auditing


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 [...]

Internal vs External Auditing2021-08-11T19:04:41+10:00
25 08, 2021

The Importance of Audit Workpapers


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 [...]

The Importance of Audit Workpapers2021-08-11T19:46:06+10:00
10 08, 2021

When Does my Private Company Need to be Audited?


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 [...]

When Does my Private Company Need to be Audited?2021-08-19T16:34:46+10:00
25 07, 2021

A Guide to Trust Audit Obligations


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 [...]

A Guide to Trust Audit Obligations2021-08-19T16:35:59+10:00
10 07, 2021

Audit Evidence: Definition & Types


The Importance of Quality Audit Evidence Audit evidence includes all records, statements of facts and other information collected by an auditing firm as part of an audit assignment. Quality audit evidence allows a skilled auditing team to construct a detailed picture of the financial statements of a company and facilitate innovative decision making. Audit [...]

Audit Evidence: Definition & Types2021-08-19T16:36:15+10:00
25 06, 2021

Tips for Upgrading Auditing and Compliance Systems


Importance of Compliance Complying with quality standards is an increasingly difficult task. Despite having the resources to do so requires attention to how and where the resources are allocated. At Brown Auditing Services, we believe that the need for large resources can be mitigated when armed with precise compliance systems. Here are some tips [...]

Tips for Upgrading Auditing and Compliance Systems2021-08-19T16:36:42+10:00
10 06, 2021

Importance of Compliance


Compliance requirements are subject to change as your business grows. Often, in the course of this growth, compliance may be inadvertently overlooked as business owners work to cope with a range of adjustments. In such situations, Brown Auditing Services is the detail-oriented assurance and auditing firm you need by your side, to help you [...]

Importance of Compliance2021-08-19T16:37:13+10:00
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