An audit service provides an independent and objective evaluation of your organisation’s financial statements, internal controls and overall business operations. The objective of the audit is to issue an opinion on the accuracy and reliability of information contained in the financial statements prepared to stakeholders, promoting transparency and accountability. An audit provides reasonable assurance to the stakeholders and members (not absolute assurance) that the financial reports presented are free from material misstatement. Undertaking an independent audit at least once a year is advisable to ensure that your financial reports are presented truly and fairly in accordance with Australian Accounting Starndards. 

Yes, public companies are required to do an annual audit to ensure compliance with regulatory standards and provide transparency to shareholders and investors. Public listed Companies must also have their interim financial report reviewed by an auditor as required by the Corporations.

Audits must be performed by a registered company auditor. Registered Company auditors are approved by ASIC and have the necessary skills and expertise to perform an audit. When requesting for an auditor you must check that the person doing the audit is a registered company auditor also known as an RCA. Company’s requesting an audit should request the auditor to demonstrate how they manage and maintain audit quality on their engagements.

For public listed entities the audit partner must rotate of the engagement every 5 years. It is recommended to reassess your auditor periodically (typically every 3-5 years) to ensure the effectiveness and independence of your audit. This can help to maintain your objectives and align your audit services to your organisations evolving needs and goals. You can request another audit partner in the firm to take over the audit, to ensure and maintain audit quality and independence.

Internal audit is a key pillar of good governance. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Internal audit is a cornerstone of good corporate governance in organisations and can play an important role in improving both financial and non-financial management and accountability.

Internal audit provides risk-based review of the effectiveness of governance, risk management and control processes.