Auditing Unlisted Investments in a Nutshell
The unlisted investments in a Self-Managed Superannuation Fund (SMSF) require careful compliance with superannuation and tax laws. But auditing these investments doesn’t have to feel like pulling teeth. It can be surprisingly satisfying with a bit of structure (and maybe a good cup of coffee). Let’s break it down with some easy-to-digest steps and tips […]
Changing Auditors? What Every Accounting Firm Should Know
Switching external auditors for your clients is a significant decision which requires careful consideration. External audits play a crucial role in maintaining compliance, ensuring financial transparency, and adding strategic value. While pricing is often a driving factor in the decision to switch, it is essential to focus on more than just finding the cheapest option. […]
From Automation to Insight: Why Technology is Key to the Next Generation of Audits
Talking about technology in auditing, in 2024, CAANZ and ACCA published the Audit and Technology Playbook, a guide to the technological trends reshaping the audit profession. It’s an exciting time for auditors, as tools like generative AI (GenAI), machine learning (ML), and blockchain are becoming integral to how we assess data, detect fraud, and deliver insights. […]
ASIC’s 2025 Crackdown on Audit Quality and Independence Issues
ASIC’s 2025 Crackdown on Audit Quality and Independence Issues ASIC (Australian Securities and Investments Commission) is stepping up its game in 2025 with a targeted crackdown on audit quality and independence issues across Australia. This new surveillance review, announced by ASIC Commissioner Kate O’Rourke, zeroes in on auditors’ compliance with independence and conflict of interest […]
Auditing the Auditor: Managing Client Expectations
Auditing the Auditor: Managing Client Expectations Over the past four years as an auditor in public practice, I have developed a deep appreciation for the importance of strong client-auditor relationships. I’ve learned that managing these relationships effectively isn’t just helpful—it’s essential for delivering high-quality audits and ensuring client satisfaction. Challenges in Meeting Client Expectations One […]
Ready for New Australian Sustainability Reporting Standards (ASRS)?
Ready for New Australian Sustainability Reporting Standards (ASRS)? Mandatory reporting of climate-related activities for Australian companies will kick off from next year. The Australian Sustainability Reporting Standards (ASRS) legislation was passed by the Senate in August 2024, with mandatory reporting to start from January 1, 2025. The Standards will affect large and medium-sized organisations, although […]
Preparing for Your First Financial Statement Audit
Preparing for Your First Financial Statement Audit Undertaking your first financial statement audit will be a rewarding process for your organisation. With the right auditor and preparation, financial statement audits are a great opportunity to provide stakeholders with assurance, reliability, and trust. This process improves transparency of financial data, helps develop operational efficiencies, identifies potential […]
Internal and External Auditing: Why Are Both Important?
Let’s dive into internal and external auditing. If you’re running a business or are part of a business leadership team, you’ve likely encountered internal and external audits. Perhaps you have even been involved in one or both. But do you fully understand what distinguishes them and why they could both be important to your business? […]
Technological Transformation – Update on AI and Data Analytics
Are Audit Firms Ready for the AI Revolution? The advent of artificial intelligence (AI) and data analytics is revolutionising various industries, and external auditing is no exception. These technologies are transforming traditional audit processes, enabling auditors to enhance their workflows, add significant value to clients, and address financial issues more effectively. Audit firms must stay […]
Navigating the Tightrope of Auditor Independence: A Closer Look
In the labyrinth of financial reporting and corporate governance, auditor independence stands as a beacon of trust and integrity. However, recent controversies around independence have thrust the delicate balance of auditing and consulting services into the spotlight, raising critical questions about the integrity of financial audits. Both Australian and international regulatory bodies have been looking […]