Auditing Services for Private Companies
Private companies can employ Brown Auditing Services for financial auditing services. Our qualified experts will ensure compliance across various operations, allowing the directors to focus on the day-to-day running of the business.
Private companies have close relationships between shareholders and boards. Due to this, it can be difficult for owners who control the daily operations in the business to stand far enough back to see where they may be exposed. It helps to have an arms-length approach when handling audits of any company, as it can be difficult to be impartial or clear-sighted when dealing with the day-to-day running of a business. Our auditors may spot something that would otherwise have gone unnoticed, or question something that had been taken for granted as being compliant.
Our Accounting Services
Our audit experts can step into this role to help you with:
- Segregation of duty issues
- Lack of communication between managers
- Strong compliance and responsibility knowledge
- Risk assessments
- Internal control reviews
- Employee reviews
While audits may not always be required, Brown Auditing Services recommends regular audits. This is so that you have an opportunity to review your controls and risk analysis as your business grows.
Private Company Audit Obligations
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 financial year is $12.5 Million or more.
- The company and its entities have 50 or more employees at the end of the financial year.
Under Corporations Act 2001, if two out of three rules are met, or if 5% of the shareholders request an audit, then an audit is required.