Australian accounting standards require businesses to prepare statements of profit and loss and comprehensive income, cash flow, financial position and changes in equity. While all organisations must maintain proper financial records, not all of them must produce formal financial reports and undertake annual audits.
Brown Auditing Services offers audit support services to organisations of all sizes in New South Wales. This includes assistance improving internal financial controls as well as external auditing to help you ensure compliance. Below, we look at the criteria governing financial reporting in NSW.
Overview of Required Financial Reporting
In Australia, organisations who need to produce formal financial reports and get annual external audits include:
- Disclosing entities incorporated or formed in Australia
- All publicly traded companies
- Private companies that meet two out of three criteria: annual revenue over $50 million, assets over $25 million, or over 100 employees
- All registered schemes
- Large non-profits with annual revenue of over $3 million
These financial reporting requirements are designed to place greater oversight and scrutiny on organisations which have a significant number of stakeholders or where there is an increased risk of financial mismanagement.
Preparing for an External Audit
External auditors provide an impartial examination and evaluation of your financial records to ensure they are accurate and compliant. The process includes looking at financial reports such as balance sheets, cash flow statements, revenue and expenses.
Our audit support services also involve preparing planning and risk documentation and conducting internal reviews to help you verify or improve the accuracy of your reporting practices.
Importance of Internal Controls Assessment
Conducting internal controls assessments is an incredibly valuable way of identifying weaknesses and mitigating financial reporting challenges and risks. An external auditor can help you implement robust internal controls suited to your organisation so you can build more accurate and reliable financial reports.
Role of an External Auditor
Our role is ultimately to help simplify compliance and accuracy with transparent financial services. By providing clear insights into audit requirements and improving internal controls, an external audit helps you better navigate the complexities of compliance. This ensures you meet all regulatory requirements while enhancing stakeholder confidence.
Benefits of Partnering with Brown Auditing Services
Auditing has an intimidating reputation but is valuable for your organisation. Beyond compliance, it facilitates better decision-making and provides valuable insights. Stakeholders can be confident that you provide fair and accurate information on your financial position, ensuring your organisation is free of any financial mismanagement risk of fraud.
With over 15 years of experience, Brown Auditing Services are here to provide you with specialised knowledge and tailored solutions so you can enjoy peace of mind across all your audit and assurance needs.
Address Reporting Challenges and Keep Abreast of Changes
Some businesses can struggle to meet financial reporting requirements on their own. This includes resource constraints, complexity of regulation and a lack of expertise. We can help you overcome financial reporting challenges with tailored tools and strategies for improving your internal processes.
As a long term partner, we’re here to help you keep on top of the dynamic nature of financial regulations and stay abreast of any changes or updates. This ensures ongoing compliance and avoids the risk of penalties or legal issues.
Contact Us for Audit Support Services in New South Wales
For comprehensive external auditing and transparent financial services in NSW, book a no obligation consultation today by calling Brown Auditing Services on 0428 661 200 or contact us online.