Types Of Audit There are different types of audits. The most common ones are listed in this article. Performance Audits. This type of audit refers to an independent evaluation or examination of a function, program, operation or the management systems and procedures of a non-profit or government entity. It aims to assess whether the entity […]
Reasons Why You Should Audit Financial Statements Audits are important because they help clear business issues quickly and improve the company in the long run. Financial audits are undertaken for business and legal reasons and because it is important when dealing with other entities like clients, banks, and shareholders. Regular audits help in gaining more […]
Benefits of an SMSF Becoming more involved and having more control over investments is a very attractive factor that self-managed super funds offer. These are the same reasons why many people are now setting up their SMSF. Aside from these benefits, there are more which we will discuss further. Wider investment choices. In an SMSF […]
How Does Self-Managed Super Fund (SMSF) work? Self-managed Super Fund or SMSF is a form of trust with the sole purpose of providing income to its members upon retirement or death benefits to a member’s beneficiaries. All SMSFs have their own Tax File Number or TFN and an Australian Business Number or ABN. They are […]
The Benefits of External Audits To review the accounting processes and financial information of their business, companies use external audits to do so. Most of the time these external audits are executed by public accounting firms. Professional accountants interview owners, discuss the accounting process of the business and test the business’s accounting information. External audits […]
Forensic Audit A forensic audit is an assessment or examination of the financial records of a company to derive evidence that can be used in a court of law or legal proceedings. Forensic audits can reveal cases of fraud. Why are forensic audits conducted? Forensic audit investigations are done because of several reasons. These include: […]