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External Audit

External Audit

Kingston & Knight Audit provides external audit services to a range of entities, including companies, investment schemes, disclosing entities with enhanced securities, trust accounts, and self-managed superannuation funds.

We are an ASIC-approved audit firm, allowing us to conduct the AAS-compliant external audit and review of financial statements that is a yearly requirement for many commercial entities in Australia. Kingston & Knight Audit provide external audit services that draw attention to any risks associated with an entity’s control systems, accounting policies, reporting practices, and other factors relevant to decision making for governance and stakeholders alike.

Our professional auditors conduct all external audit procedures in compliance with the Australian Auditing Standards / Standards on Assurance Engagements. This demonstrates our capability to assist the client entity in meeting their obligations under relevant laws or regulations and to deliver reasonable assurance to users of the entity’s financial statements and disclosures.

The decision to engage Kingston & Knight Audit as your provider of external audit services should be made with consideration for our extensive experience in auditing accounting, financial forensics, and tailored financial services. Whether you require an external audit to meet your reporting obligations or need a comprehensive examination of your entity’s financial position, internal systems, controls, and accounting policies, Kingston & Knight Audit will perform the required work to the highest standard.

The following summary of our key external audit services contains links to more detailed information relevant to your specific circumstances and requirements:

  • Financial Audit – audit of financial statements and submission of an auditor’s report to satisfy reporting obligations and deliver reasonable assurance to stakeholders.
  • Compliance Audit – detailed examination and testing of an entity’s compliance plan to determine whether it satisfies the requirements set out in the Corporations Act and any other relevant laws or regulations.

Financial Audit

An external audit of financial statements is a mandatory procedure included in the yearly financial reporting requirements for some entity types, both here in Australia and in many other nations. The reporting framework in Australia requires these entities to prepare a yearly financial report (that complies with the relevant accounting standards) and to submit this, along with an independent auditor’s report, to the corporate regulator.

Australian listed companies (but not proprietary companies that are smaller and privately held), registered managed investment schemes, and disclosing entities which hold enhanced securities are all required to appoint a registered external company auditor to audit their yearly financial reports.

The corporate regulator maintains a register of approved independent audit practitioners and firms who may conduct the external audit of financial statements as part of the reporting process. Auditor independence and professional conduct is regulated by the Australian Auditing and Assurance Standards Board. The Board administers the Australian Auditing Standards, which are the procedures and processes designed to preserve the quality of external financial audit engagements.

The auditor’s report provided at the end of the external financial audit is a document containing the auditor’s conclusions and opinion on the presence or absence of material misstatements in the financial statements, if they provide a true and fair depiction of the entity’s operations and financial position, and whether the appropriate accounting framework was used to prepare the financial report.

These external audit objectives are agreed upon prior to the commencement and planning phase, with the entity’s governance acknowledging their responsibility for the content, presentation, and preparation of the financial statements under audit. The function of these responsibilities, and the external audit process, is to provides users of the financial statements reasonable assurance as to the truth and fairness of any assertions made in the statements.

Auditors Melbourne

Contact the auditors Melbourne at Kingston & Knight Audit for more detailed information about the procedures relevant to your entity’s external audit requirements. Our company auditors are registered with the Australian Securities and Investments Commission, enabling us to conduct external financial audit engagements in compliance with corporate and financial reporting regulations.  We ensure that your financial audit engagement is conducted with consideration for your reporting deadline. Our auditors will remain responsive throughout your engagement by maintaining frequent communication and consultation with management to ensure all relevant procedures may be undertaken with effective timeliness.

Allow us to take your engagement beyond its base utility as a regulatory matter, by maintaining a responsive and adaptable audit committee your external financial audit is sure to deliver priceless insight into the strength of your entity’s control systems and other key business risks.

As the external auditors Melbourne can rely on for independent external audit services that are delivered in compliance with strict standards, both regulatory and professional, Kingston & Knight Audit assists your entity in assessing its compliance plan and relevant policies. We incorporate our knowledge of your business and the circumstances leading up to the audit engagement with our professional experience as compliance auditors. This ensures that our compliance risk assessment procedures are performed in an efficient, timely manner owing to our understanding of your entity’s structure, operations and environment.

Discover how Kingston & Knight Auditors Melbourne can transform your external audit engagement into an indispensable strategic tool by contacting us on 1800 283 471 or via email at audit@kingstonknight.com.au.