Audit and Assurance

Achieve Accurate and Reliable Financial Reporting

Tailored Audit Services to Meet Your Unique Needs

At Camphin Boston, we offer audit and assurance services that help businesses achieve accurate and reliable financial reporting. Our experienced professionals work closely with clients to identify areas for process improvement and provide tailored solutions that meet their unique needs.

We offer a range of audit services, including statutory audits, internal audits, and compliance audits. Our team uses a risk-based approach to identify potential issues and ensure that the audit is focused on the areas of greatest concern.

Our audit and assurance services provide numerous benefits, including improving financial reporting processes, enhancing stakeholder confidence, and identifying opportunities for process improvement. With our team of experienced professionals, you can rest assured that your audit is in good hands.

Contact us today to learn more about how our audit and assurance services can help your business achieve accurate and reliable financial reporting while identifying opportunities for process improvement.

Justin Woods

Partner

Rob Cooper

Director - Audit & Assurance

Greg McGuiness

Manager - Audit & Assurance

Frequently asked questions about audit & assurance

  • Audit requirements come from a number of sources, including the Corporations Act 2001, your company’s constitution, your bank, shareholder requests and other government legislation.

    Large, proprietary limited companies, public companies and small, foreign-owned proprietary limited companies are required to be audited under the Corporations Act.

    Special rules apply to not-for-profit public companies limited by guarantee.

  • Yes!

    ASIC will sometimes exempt small, foreign-owned proprietary limited companies and entities that are part of a consolidated group, provided certain conditions are met.

  • An audit involves extensive testing and results in an opinion of positive assurance, i.e. the subject matter is true and fair in accordance with the applicable framework.

    A review is similar to an audit, but less rigorous in terms of the nature and extent of the procedures used. As such, review results only offer limited assurance on the subject matter. An opinion of negative assurance is provided, i.e. nothing has come to our attention that the subject matter is not true and fair in accordance with the applicable framework.

    The term “agreed-upon procedures” refers to issues where management dictates the scope and extent of tests to be performed on a limited subject matter. Findings are reported without any opinion. These are useful when management wants an external expert to monitor financial statements at a minimal cost or for interim reporting between annual audits. This is also useful if you’re looking to review a specific risk or area, such as due diligence when buying a business, performance evaluation of a new process, or suspicion of fraud.

  • Retail property outgoings statements should be prepared in accordance with the Retail Leases Act of that State as well as the lease. Specific areas that often require adjustments include: recovery of land tax, management fees, audit fees, repairs vs capital items, and tenant-specific costs. We can advise on appropriate documentation for related party fees regarding your property.

  • Begin with a clear understanding of what your audit and financial reporting requirements are. Know the extents to which you need to adhere to Australian Accounting Standards or International Financial Reporting Standards and the disclosures you are required to make in the financial statements – including any relevant, non-financial data.

    You’ll also need to review your current accounting system and processes to:

    • Make sure adequate data is captured and reconciled, and

    • Compare your current accounting policies to Accounting Standards and identify any differences

    You’ll also need to have a planning meeting with your external auditor to gather a checklist of documents and a timetable of what procedures will happen and when.

  • Yes. Annually.

    This includes an audit of financial statements and the Fund’s compliance with SIS laws. Auditors are required to report any significant contraventions to the ATO, as there will be questions in the Fund’s annual tax return regarding the outcome of the audit.