Audit Archive

How every accountant can be a step ahead when your client is selected for an audit relating to the Black Economy or on rental property related expenses

The ATO has been focusing heavily on the Black Economy and on excessive rental property related expenses in 2019 and will continue this into 2020. There are ways you...

Audits and Independence – Where to from here?

In Part 1 of this series on auditors and independence, I outlined some of the challenges facing the audit industry with a number of reviews underway both in...

Change for change sake isn’t a smart move

We all know the age old adage – “If it isn’t broken, don’t try and fix it”. This applies to so many things in life but sometimes the unintended...

Overcoming Conflict of Interest Concerns with Audits

Audit firms provide an essential service to capital markets. By building a basis for trust and confidence in financial reporting, auditors help firms manage financial risk, reduce financing costs...

Claim trends that every accountant will want to know

With the transition into a new financial year these are some claim trends that the Accountancy Insurance Claims team have identified over the last 12 months which may be...

Catfishing Exposed – SMSF Auditor Number Fraud

Mis-use of Auditor Numbers

Over 600 tax practitioners have either deliberately or mistakenly mis-used an SMSF auditor number, with the ATO detecting over a thousand instances of potential fraud.

“Some practitioners...

How Can You Balance Audit Quality and Financial Outcomes?

Audit quality concerns continue to attract headlines around the world despite the ongoing efforts of international review bodies to address issues relating to conflict of interest and lack of...

From Accountant to Internal Auditor – Opportunity for Growth

Internal audit and compliance audit are both very essential functions in any organisation. In recent years, both services have risen in importance, signifying critical control components of an organisation’s...

Communicative Auditors Add Value

The value of a call from Saul

Recent court decisions highlight situations where the Auditor did not seek sufficient and appropriate evidence that the assets and liabilities of the fund...

Should the audit client be accepted?

When accepting a new audit engagement, you may encounter the following risks:

  1. you’ll make a mistake;
  2. key issues will be overlooked;
  3. the client will question the value of the service; or

Progress of bills pre-Budget

In our latest Banter Blog, with limited sitting days ahead of the Federal Budget on 2 April 2019 and the expected Federal election in May 2018, we summarise the...

Linked SMSF services and legal risk

Take a fresh look at the pros and cons of full service SMSF firms and alliances

It may appear to SMSF Trustees that having all services – accounting, auditing, administration...

7 steps to effectively manage the scope and price of audit services

Audit and assurance services are increasingly under price pressure as audit firms compete for business. It can be a challenge not only to get clients across the line with...

Technology and the Future of Audits

The emergence of new audit technology has had an enormous impact on the audit profession. Machine-learning based tools can rapidly analyse hundreds of documents and identify key areas of...

SMSF Industry Summary Report – Proposed 3 Year SMSF Audit Cycle

Saul SMSF recently conducted a survey to understand the impact of the Federal Government’s proposed three-yearly audit cycle for SMSFs.

260 survey respondents answered 30 questions and submitted over 1,700...

The Value of Internal Audits

It’s quite evident that clients often don’t see real value in audit services. They’re often regarded as a necessary cost without much real value. Auditors often struggle to communicate...

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