What is Technical Auditing in New South Wales?
Technical auditing services serve a similar function to financial audits. The main difference is that technical audits tend to take a greater focus on the technical systems, processes and software used to record and verify financial reporting data. At Brown Auditing Services, we specialise in not-for-profits and for-purpose companies. We take a thorough and robust approach in all our financial auditing services to ensure compliance needs are met by organisations like yours across New South Wales. Below we explore what a technical business audit might involve.
Technical Auditing Tools
Advances in data analytics and software allow external auditors to gain a more efficient understanding of an organisation’s financial reporting and internal controls, such as:
- Testing entire sets of data instead of testing limited samples
- Achieving more thorough risk assessments by more easily identifying anomalies and trends in financial data
- Establishing audit evidence through a comprehensive analysis of organisation’s general ledger systems
- Automating comparisons to benchmark industry data so an external auditor can easily identify areas they need to investigate further
While the use of data analytics in a business audit is still an emerging area, it has the potential to improve compliance, allow better insights and ensure the process is smoother than before.
Internal Audit Technology
A variety of accounting software available today is making it easier for businesses to automate the process of financial reporting. As part of standard internal controls, organisations use systems that enable continuous automated auditing and monitoring of data, allowing you to identify anomalies and risks on an ongoing basis. This helps your company make faster decisions and address financial reporting issues early without leaving them to be uncovered by an external auditor at a later date.
Using internal audit technology can help organisations prepare for scheduled external business audit. Implementing robust accounting practices all year round helps smooth the process of external audits by ensuring accounts are reconciled and expenses and revenue are properly documented. It can also help you achieve a stronger understanding of your accounting records, so you can help an external auditor and clear up any questions they have as quickly as possible.
Technical Auditing Approaches
At Brown Auditing Services, we take a technical auditing approach that involves careful examination and tailored services to ensure we achieve an objective picture of your organisation’s financial reporting. This includes:
- Implementing audit working papers using Caseware templates
- Designing micro audit working papers
- Preparing planning and risk documentation for statutory audits
- Carrying out internal reviews of audit files
- Helping to establish sound control frameworks to reduce errors
- Updating compliance of statutory audits and working papers
- Ensuring responsibilities and authority are properly assigned
- Completing audit workings for discussion with those responsible for governance
Technical Business Audit Services in New South Wales
Contact the team at Brown Auditing Services for an external auditor that offers tailored advice and a technical approach. We help organisations across Dubbo and surrounding suburbs of New South Wales with their compliance needs. Call our team today on 0428 661 200 or contact us online to schedule a no obligation consultation.