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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Business - 3 min read
Audits can be seen as something of a chore, sometimes even a process to be feared. But a quality independent Audit can benefit your business both immediately and in the long-term.
The primary goal of an Audit is to meet your legal obligations. It’s a way to ensure the financial statements are fairly presented and that they are in accordance with accounting principles and legislation. By analysing statements and reports, an Audit can provide valuable insights into areas where your organisation might improve its efficiency.
There are a few rules that make it mandatory to have an Audit:
This must be self – assessed from your financial statements and if you pass 2 out of 3 of the above tests, you are considered to be a “large company”. Under corporations legislation an Audit then becomes mandatory. If you are a group structure, the rules apply on a group basis.
There are a number of other types of Audits that are separate from corporation type Audits. The following require an annual Audit:
Also worth pointing out is 'not for profit organisations' could require an Audit, which will depend on the annual revenue.
There are sometimes situations where YOU may wish to initiate an Audit. If you find yourself saying the following, you should seriously consider an Audit:
“I’m in a new senior position in a company and I want to make sure everything is OK.”
“We just had an employee leave and we want to be sure everything is OK.”
“We had an embezzlement and want to know how much we lost and how to prevent it in the future.”
“We think our bookkeeper is embezzling and we want you to find out for sure.”
Or most frequently, “things just don’t seem right.”
Altus offers a range of statutory Audit services for organisations of all sizes from small businesses, through to public companies, overseas subsidiaries and associations.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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