Audit is a specialisation. It has always been the case but it’s only been recently that this has become more and more apparent. At audit.able, we recognise our commitment to quality in auditing by maintaining the highest standards and registrations possible.
As a general rule, we try to minimise using inexperienced staff – most of our staff already have over ten years experience in accounting and we all bring our own unique approaches from experience to how we plan and complete our audits. Being able to tackle potential audit issues from different angles simply means a more comprehensive, and efficient, audit for our clients.
And we are independent – we review each and every engagement for potential conflicts or ethical concerns. We won’t accept any engagement where this may be an issue, because you deserve true independence for a conclusion made without fear or favour.
Every SMSF requires an annual audit and whilst it might be seen as just a compliance exercise, it’s so much more important than that! Think of your annual audit as a compliance health check for your retirement nest egg – and what would happen if something went wrong there. With ATO penalties ranging from tens of thousands on trustees to taking 45% of assets for the worst non-compliance, it makes sense to have someone truly independent complete this on your behalf
Ryan O’Shea is an Approved SMSF Auditor with the ASIC (number 100017105) and given we complete over 300 SMSF Audits per year, we’re comfortable saying that we’re specialists in the area.
In a post Hayne Royal Commission world, we’ve seen a lot of industry movement away from belonging to a larger license, to being the master of your own license. This does, of course, add a new level of compliance which may not be first and foremost in your thoughts, and with the threat of an ASIC inspection, it’s not something that you want to get wrong.
As a firm we are involved with the audits of several dozen AFS Licensees and our commitment to this number reflects in our tailored audit programs and innate understanding of the issues facing licensees, no matter if they are a small retail licensee, a wholesale operator, or a responsible entity.
We are firm believers that Not For Profits are at their most useful when funds are expended on its core purposes, not compliance costs. We are Not For Profit specialists, we are consistently keeping up to date with ACNC requirements and ensure that all audits are completed under these requirements – especially including the financial reports.
Many financial reports we see lodged with the ACNC do not actually meet the requirements for their tiers – and potentially fail the governance standard. Given this can ultimately impact the tax exempt, FBT concession or even the Deductible Gift Recipient status – you need to ensure that your audit and accounts are correct. This is where we can not only help you comply, but advise on best practices.
Many entities are deemed to be large proprietary companies, whether it be through a combination of their size, or being controlled by foreign shareholders or entities. No matter what the reason, the auditing and reporting requirements are the same.
Through staying up to date with Corporations Act and ASIC requirements, we can help you meet your compliance needs in a straightforward and independent manner – these audits aren’t really something that your own accountant should be completing with your accounts and tax returns!
This is the tip of the iceberg for auditing – we also complete due diligence engagements, audit of investment funds (whether wholesale or retail), specific system and software reviews to help you find efficiencies, and of course, solicitor and real estate trust audits. Why not try the audit.able difference?
Ryan O’Shea is our Audit Principal responsible for all our engagements. With over 23 years’ experience in accounting and auditing, with more than half those years as a Registered Company Auditor in partner-level positions, there’s not much that he has not seen. With a diverse audit background from small not-for-profits, to pre-listing entities, through to listed ASX entities, Ryan is aware of the challenges facing growing organisations face in an ever-changing compliance environment.
By being involved with the CA Program with CAANZ, Ryan regularly facilitates on topics such as Audit, Risk and Technology, and Financial Reporting. This demonstrates his commitment to remaining current with technical standards, but more importantly, being able to explain them simply.
Ryan is also an approved SMSF Auditor with ASIC, and for good measure a Registered Tax Agent – meaning he is able to see the books from two different lenses.