Kingston & Knight Audit is the preferred Brisbane auditors, providing accurate company audits for more than 15 years. Our expertise in auditing allows us to provide a magnitude of auditing or accounting services to a broad range of clients.
Company audits are necessary for large reporting entities that has sufficient asset holding, turnovers and number of employees; or any company that’s required to submit audited financial statements to the Australian Securities and Investments Commission (ASIC) on annual basis. These company auditing services is also ideal for foreign owned businesses or have shareholders or financers, who require an audit for their own benefit.
Comprehensive audits for companies or organisations limited by guarantee is also a part of company audits. Special purpose financial audit can also be performed based on minimum disclosure requirements. Here, the outputs only reflect those accounting standards, which are applicable to a company. Lastly, statutory financial reporting commonly consumes a lot of time and can be quite complex. Nevertheless, getting it right and adhering to the Australian Accounting Standards is vital. Kingston & Knight Audit ensures that all parties, including the client, accountants and auditors are protected, by using a dedicated and secure audit reporting system.
Licensed Business Audits
All entities registered financial planners and those that offer financial products such as insurance, are required to get financial services license. This also requires such entities to be a registered ASIC. Under the terms of these licenses, these entities need to be audited annually – such will include their financial activities and their compliance with the provisions of their specific licenses. Audited financial reports, as well as, compliance reports will be submitted to ASIC. This will be submitted together with the declarations of compliance duly signed by the appointed auditor and the licensee. Compliance under the Financial Services legislation is lodged in a separate report.
Queensland building industry practitioners are required to have a license from the Queensland Building and Construction Commission (QBCC). As such, they are required to meet a strict level of financial liquidity and performance criteria. While there has been a bit of relaxation in the requirements as of late, QBCC licensed companies still need to be aware and in compliance with the rules. New structure approach has been introduce, which depends turnover activity. There are also 3 criteria which includes no audit, assistance review or limited scope audit and complete unconditional audit opinion.
Licensed franchisees are also required to submit their financial viability and going concern. The Franchising Act and Associated Code of Conduct mostly covers or governs the operations of Franchisees. As such, they are required to provide accurately audited financial activities and statements. If you have questions in any of these aspects, please contact trusted Brisbane Auditors like Kingston & Knight Audit.
Not For Profit Audits
This sector includes Religious organisations, public interest entities, charities, etc. Due to the creation of the ACNC or Australian Charities and Not-For Profit Corporation entities, there have been significant modifications in terms of their effectiveness, governance, financial reporting and operational performance. This legislation has regulated the Not For Profit sector, which had little to no regulation in place to avoid or minimise fraud, money laundering, and misuse or misdirection of funds raised publicly or otherwise.
Not For Profit organisation audits provides a vital insight of all aspects of its performance. It is also serves to monitor organisation activities. And more importantly, it also provides assistance when complying with the Australian accounting and reporting standards.
Self Managed Superannuation Funds (SMSF) Audits typically involve financial audit of fund to state that the financial report is accurate and is not materially misstated together with a compliance audit with evaluates SIS compliance. Managing an SMSF involves providing audit reports and compliance requirements in a form of checklists and designated forms for trustee declarations and disclosures. The ATO closely monitors, while the ASIC regulates the superannuation industry. The administrator assists the trustees in compiling a financial report. They also provide helpful advice in managing the superannuation funds.
Kingston & Knight Audit, one of the leading Brisbane auditors, provide general advice and pinpoints any specific issues arising on individual funds. Prior to contraventions, Brisbane auditors will work together with clients and trustees to resolve issues and potential breaches in an open communicative environment.
Many entities and organisations are required by the Australian law to adhere to financial reporting standards. These standards often include auditing and assurance, which is imperative to provide confidence and reasonable certainty to the user of the reports. Auditing and assurance depend widely on the nature of a business and its financial circumstances. Whilst, large enterprises are and building industry practitioners subject under ASIC, Not-For-Profit entities are regulated under ACNC.
Assurance audits and services focus on complying with the regulations set forth in each of these specific legislations. Only approved Brisbane auditors or practitioners can perform assurance audits, as it requires extensive financial experiences, as well as other qualifications. Approved practitioners are also required to maintain their independence and follow the ethical and professional constraints of their practice to ensure compliance with the financial reporting obligations and to minimise the impact on financial activities. Kingston & Knight Audit has been providing assurance audits various entities in different sectors. Our years of experience in this field has led us to become one of the most trusted Brisbane auditors. If you want to know more about assurance audits, please give us a call.
Audits of Government Entities
Government entities can range from Federal, State, to local government. Audit assignments can also span in different sectors such as government departments, statutory bodies and agencies. Accurate internal and operational audit reports are needed to ensure to tract government expenditures. As such, auditing firms that provide audit and assurance services to government entities need to have extensive knowledge and experience in the said field. They need to have a strong knowledge of government financial management and processes.
Kingston & Knight Audit has been providing government entities with audit and assurance services for decades. Our experience span from providing assurance services in the area of compliance and internal audit, operational audit, to grant acquittals. For more of our services, please give us a call at 03 9088 2242 or leave us a message.