Auditing Services in Australia
Australian companies meeting size thresholds under the Corporations Act 2001 — or those required by ASX listing rules, APRA, or lending covenants — must undergo audits conducted under Australian Auditing Standards (ASA) by registered company auditors.
Australian companies meeting size thresholds under the Corporations Act 2001 — or those required by ASX listing rules, APRA, or lending covenants — must undergo audits conducted under Australian Auditing Standards (ASA) by registered company auditors. Fintax Support Limited prepares AASB-compliant audit-ready financial statements, compiles ASA working papers, and coordinates with your external auditor. We reconcile audited accounts to ATO company tax returns, BAS filings, and superannuation guarantee records, and support ATO audit examinations.
Regulatory Framework
Large proprietary companies and public companies must appoint an auditor and lodge audited financial reports with ASIC. A large proprietary company exceeds two of: AUD $50 million revenue, AUD $25 million assets, or 100 employees. The AUASB sets auditing standards, and ASIC enforces audit quality through inspection programs.
Our Auditing Services in Australia
Statutory Audits (ASA-Compliant)
Prepare for statutory financial statement audits conducted under Australian Auditing Standards (ASA) — issued by the Auditing and Assurance Standards Board (AUASB) and published in the AUASB Standards. We assemble AASB-compliant financial statements, ASA working papers, and PBC schedules so your registered company auditor can issue an unmodified opinion efficiently — whether required by the Corporations Act 2001, ASIC, lenders, or members who have not passed a resolution under section 292.
ASA/AUASB working papers
Trial balances, lead schedules, and flux analyses indexed to AUASB Standards and aligned with ISA-converged ASA requirements.
AASB financial statements
Statement of financial position, profit or loss, cash flows, and notes prepared before external auditor engagement.
Substantive testing support
PBC schedules prepared for cash, revenue, receivables, and payables testing per the auditor's programme.
Corporations Act alignment
Audited accounts structured for ASIC annual financial report lodgement under Part 2M.3 of the Corporations Act 2001.
How It Works
Pre-audit readiness assessment
Review prior-year audit findings, trial balance, and AASB compliance gaps before fieldwork begins.
Working paper preparation
Compile PBC schedules, reconciliations, and disclosure drafts aligned to the auditor's engagement letter.
Fieldwork support
Respond to auditor inquiries, provide substantiation, and resolve testing exceptions during on-site or remote fieldwork.
Report issuance coordination
Finalise directors' declaration, subsequent events review, and board approval for audit report issuance.
Pre-audit readiness assessment
Review prior-year audit findings, trial balance, and AASB compliance gaps before fieldwork begins.
Working paper preparation
Compile PBC schedules, reconciliations, and disclosure drafts aligned to the auditor's engagement letter.
Fieldwork support
Respond to auditor inquiries, provide substantiation, and resolve testing exceptions during on-site or remote fieldwork.
Report issuance coordination
Finalise directors' declaration, subsequent events review, and board approval for audit report issuance.
Statutory audits under Australian Auditing Standards (ASA) — issued by the Auditing and Assurance Standards Board (AUASB) and converged with International Standards on Auditing (ISA) — provide reasonable assurance that AASB-compliant financial statements are free of material misstatement. Public companies, disclosing entities, and large proprietary companies must appoint a registered company auditor under Part 2M.3 of the Corporations Act 2001. Small proprietary companies may qualify for the section 292 audit exemption if they meet the small proprietary company definition and members pass the required resolution — but banks, investors, and regulated entities frequently require audited statements regardless. We prepare audit-ready working papers including adjusted trial balances, account reconciliations, related-party disclosures, and going-concern analyses before your external auditor begins ASA fieldwork. Proper preparation reduces billable audit hours, accelerates report issuance for lender covenant deadlines, and reconciles audited figures to ATO company tax returns and BAS lodgements.
Common Questions
Large Proprietary Company Audits
Meet mandatory audit obligations for large proprietary companies under the Corporations Act 2001 Part 2M.3. Companies meeting two of three size thresholds — $50 million consolidated revenue, $25 million gross assets, or 100 employees — must prepare audited financial reports and lodge them with ASIC. We assemble AASB-compliant accounts and ASA audit-ready workpapers so your registered company auditor can complete the engagement within statutory deadlines.
Large proprietary threshold assessment
Size test evaluated against $50M revenue, $25M assets, and 100-employee criteria — two of three triggers mandatory audit.
Part 2M.3 compliance
Financial reports prepared per Corporations Act Part 2M.3 with directors' report and declaration requirements.
ASIC lodgement readiness
Audited financial reports structured for ASIC annual financial report lodgement within four months of year-end.
Group consolidation support
Consolidated accounts and intercompany eliminations prepared for group entities crossing large proprietary thresholds.
How It Works
Large proprietary classification review
Assess whether the company meets two of three size thresholds and confirm mandatory audit obligation under Part 2M.3.
AASB financial report preparation
Prepare statement of financial position, profit or loss, cash flows, notes, and directors' report per Corporations Act requirements.
Audit workpaper assembly
Compile PBC schedules, reconciliations, and disclosure drafts for registered company auditor ASA fieldwork.
ASIC lodgement coordination
Support audit sign-off, directors' declaration, and ASIC financial report lodgement within statutory deadlines.
Large proprietary classification review
Assess whether the company meets two of three size thresholds and confirm mandatory audit obligation under Part 2M.3.
AASB financial report preparation
Prepare statement of financial position, profit or loss, cash flows, notes, and directors' report per Corporations Act requirements.
Audit workpaper assembly
Compile PBC schedules, reconciliations, and disclosure drafts for registered company auditor ASA fieldwork.
ASIC lodgement coordination
Support audit sign-off, directors' declaration, and ASIC financial report lodgement within statutory deadlines.
Large proprietary companies under the Corporations Act 2001 are defined as proprietary companies that meet at least two of three criteria at the end of the financial year: consolidated revenue of $50 million or more, consolidated gross assets of $25 million or more, or 100 or more employees. Unlike small proprietary companies that may rely on the section 292 audit exemption, large proprietary companies must prepare financial reports in accordance with Part 2M.3, have them audited by a registered company auditor under ASA, and lodge them with ASIC within four months of financial year-end. We monitor threshold crossings during growth periods — a company approaching two of three thresholds should plan audit readiness before the classification change takes effect. Our workpapers align with AUASB Standards and APES 110 independence requirements, ensuring your registered company auditor can issue an unmodified opinion and meet ASIC lodgement deadlines without last-minute reconstruction.
Common Questions
Internal Audit & Management Review
Evaluate internal controls, operational processes, and financial reporting workflows through structured internal audit and management review programmes. Internal audit identifies control weaknesses before your external registered company auditor or ATO examination does — reducing fraud risk, qualified opinions, and operational inefficiencies across your Australian organisation.
Control environment assessment
Three Lines Model evaluation of entity-level controls, risk assessment, and monitoring activities.
Process walkthrough testing
Transaction-level walkthroughs for revenue, procurement, payroll, and treasury cycles documented with evidence.
Deficiency identification
Control deficiencies classified and prioritised with remediation timelines before external audit fieldwork.
Management action plans
Remediation roadmaps with ownership assignments and board reporting for each identified control gap.
How It Works
Risk assessment and scoping
Identify high-risk processes, entity-level controls, and AASB-relevant areas based on your industry and size.
Control documentation and testing
Document key controls, perform walkthroughs, and test operating effectiveness over the review period.
Findings report delivery
Present internal audit findings to management and the board with severity classifications and root causes.
Remediation tracking
Monitor management's corrective actions through follow-up testing before external auditor ASA fieldwork.
Risk assessment and scoping
Identify high-risk processes, entity-level controls, and AASB-relevant areas based on your industry and size.
Control documentation and testing
Document key controls, perform walkthroughs, and test operating effectiveness over the review period.
Findings report delivery
Present internal audit findings to management and the board with severity classifications and root causes.
Remediation tracking
Monitor management's corrective actions through follow-up testing before external auditor ASA fieldwork.
Internal audit and management review services evaluate whether your organisation's controls over financial reporting and operations are designed and operating effectively. We apply the Three Lines Model and COSO principles referenced by Australian audit firms when assessing control environments under ASA 315 (Identifying and Assessing the Risks of Material Misstatement). Our engagements include entity-level control assessment, process walkthroughs for revenue recognition under AASB 15, procurement and disbursement cycles, payroll controls including ATO PAYG withholding and superannuation guarantee compliance, and IT general controls. Findings are classified by severity with clear remediation plans — the same discipline external auditors apply when evaluating control deficiencies during ASA fieldwork under AUASB Standards. Remediation before your statutory audit reduces the risk of qualified opinions, scope limitations, and repeat findings that increase audit costs year over year.
Common Questions
ATO Audit Preparation & Support
Defend your business during Australian Taxation Office reviews and audits with organised substantiation, professional representation, and structured responses to audit notices. ATO audits examine whether your company tax return, activity statements, and related-party disclosures match your books and third-party reported income — we reconstruct records and negotiate adjustments to minimise liability, interest, and administrative penalties.
Authorised representative support
Tax agent or BAS agent appointment filed so we communicate directly with ATO officers on your behalf.
Examination response preparation
Organised schedules substantiating deductions, R&D tax incentive claims, GST credits, and PAYG withholding remittances.
Record reconstruction
Missing receipts and incomplete books rebuilt from bank records to support challenged items under ATO review.
Penalty and interest advocacy
Remission requests, voluntary disclosures, and reasonable care defences pursued where applicable under Taxation Administration Act.
How It Works
Notice analysis and representation setup
Review ATO audit letter, identify review issues, and establish tax agent representation for direct ATO communication.
Document assembly
Gather books, bank records, receipts, and third-party data matching reports supporting each item under ATO examination.
Audit response and interview support
Prepare written responses, attend ATO interviews, and present substantiation for each proposed adjustment.
Resolution and objections
Negotiate final amended assessment, request penalty remission, or lodge objection to the Administrative Appeals Tribunal if required.
Notice analysis and representation setup
Review ATO audit letter, identify review issues, and establish tax agent representation for direct ATO communication.
Document assembly
Gather books, bank records, receipts, and third-party data matching reports supporting each item under ATO examination.
Audit response and interview support
Prepare written responses, attend ATO interviews, and present substantiation for each proposed adjustment.
Resolution and objections
Negotiate final amended assessment, request penalty remission, or lodge objection to the Administrative Appeals Tribunal if required.
ATO audits differ fundamentally from ASA financial statement audits — the ATO examines whether your lodged company tax return accurately reports taxable income and allowable deductions under the Income Tax Assessment Act 1997, not whether financial statements comply with AASB standards. Common triggers include mismatched payment summary data, R&D tax incentive claim reviews, GST activity statement examinations, transfer pricing inquiries for related-party transactions, and superannuation guarantee charge audits. The ATO may amend assessments within the standard review period and longer in cases of fraud or evasion under the Taxation Administration Act 1953. We establish tax agent representation, prepare reconciliations between accounting profit and taxable income, and defend R&D tax incentive claims during ATO technical and financial reviews. For unagreed amendments, we lodge objections within the statutory deadline and represent clients through the ATO objection process and Administrative Appeals Tribunal where necessary.
Common Questions
SMSF (Self-Managed Super Fund) Audits
Prepare for mandatory annual SMSF audits conducted by ASIC-registered approved SMSF auditors. Every self-managed super fund must have its financial statements and compliance with the Superannuation Industry (Supervision) Act 1993 audited each year before the ATO annual return is lodged. We assemble member statements, investment schedules, and compliance evidence so your approved SMSF auditor can complete the engagement efficiently — including funds subject to SMSF grandfathering arrangements.
SIS Act compliance documentation
Investment strategy, in-house asset limits, related-party transaction, and pension payment evidence assembled for audit.
ASIC SMSF auditor coordination
Workpapers prepared for approved SMSF auditors registered with ASIC under the auditor registration regime.
Member statement preparation
Member account balances, contribution caps, and pension phase reconciliations prepared before audit fieldwork.
Grandfathering and legacy arrangements
SMSF grandfathering provisions and transitional compliance issues documented for auditor review.
How It Works
SMSF compliance health check
Review investment strategy, contribution caps, pension standards, and related-party transactions against SIS Act requirements.
Financial statement preparation
Prepare SMSF financial statements, member statements, and investment schedules for approved auditor review.
Audit workpaper assembly
Compile bank statements, contract notes, valuation evidence, and compliance checklists for ASIC-registered SMSF auditor.
Annual return lodgement support
Coordinate audit completion and independent auditor's report for ATO SMSF annual return lodgement by 31 October.
SMSF compliance health check
Review investment strategy, contribution caps, pension standards, and related-party transactions against SIS Act requirements.
Financial statement preparation
Prepare SMSF financial statements, member statements, and investment schedules for approved auditor review.
Audit workpaper assembly
Compile bank statements, contract notes, valuation evidence, and compliance checklists for ASIC-registered SMSF auditor.
Annual return lodgement support
Coordinate audit completion and independent auditor's report for ATO SMSF annual return lodgement by 31 October.
Self-managed super funds must be audited annually by an approved SMSF auditor registered with ASIC before lodging the SMSF annual return with the ATO. The audit covers both financial statement accuracy and compliance with the Superannuation Industry (Supervision) Act 1993 (SIS Act) — including investment strategy requirements, in-house asset limits, related-party transaction rules, pension standards, and contribution cap compliance. Approved SMSF auditors issue an independent auditor's report that must accompany the annual return. We prepare member account reconciliations, investment valuation evidence, LRBA documentation, and pension phase calculations before audit fieldwork. For funds with SMSF grandfathering arrangements — such as legacy in-house assets or transitional provisions — we document compliance positions clearly so the approved auditor can assess continuing eligibility. Late or non-compliant audits prevent annual return lodgement and may trigger ATO compliance action including fund non-compliance notices.
Common Questions
Not-for-Profit & Charity Audits
Prepare for independent audit or review of registered charities and not-for-profit organisations under ACNC governance standards and ACFID Code of Conduct requirements. We assemble ACNC Annual Information Statement supporting schedules, fund accounting records, and restricted donation disclosures so your external auditor can complete the engagement within ACNC reporting deadlines.
ACNC compliance
Accounts prepared per ACNC governance standards with Annual Information Statement supporting schedules.
Medium and large charity thresholds
Audit or review requirements determined based on revenue tier, ACNC registration, and governing document obligations.
External audit preparation
PBC packs for registered company auditors when ACNC medium or large charity audit obligations apply.
Restricted and designated funds
Fund balances reconciled with donor restrictions, grant conditions, and endowment accounting requirements.
How It Works
Reporting requirement assessment
Determine whether review or full audit applies based on ACNC charity size, revenue tier, and governing document requirements.
NFP accounts preparation
Prepare not-for-profit financial statements with fund analysis, notes, and required AASB and ACNC disclosures.
Auditor workpaper assembly
Compile bank reconciliations, donation schedules, payroll records, and restricted fund movements for auditor review.
ACNC reporting support
Submit Annual Information Statement and audited or reviewed financial reports to ACNC within six months of year-end.
Reporting requirement assessment
Determine whether review or full audit applies based on ACNC charity size, revenue tier, and governing document requirements.
NFP accounts preparation
Prepare not-for-profit financial statements with fund analysis, notes, and required AASB and ACNC disclosures.
Auditor workpaper assembly
Compile bank reconciliations, donation schedules, payroll records, and restricted fund movements for auditor review.
ACNC reporting support
Submit Annual Information Statement and audited or reviewed financial reports to ACNC within six months of year-end.
Registered charities with the Australian Charities and Not-for-profits Commission (ACNC) must lodge an Annual Information Statement and, depending on size, audited or reviewed financial reports. Medium charities (annual revenue $250,000 to $999,999) must obtain a review or audit, while large charities (annual revenue $1 million or more) must obtain an audit by a registered company auditor or qualified auditor under ASA. Financial statements for not-for-profit organisations follow applicable AASB standards including AASB 1058 for income and AASB 1059 for donations. We prepare ACNC-compliant accounts, donation and fundraising schedules, and fund accounting distinguishing unrestricted, restricted, and endowment funds. Proper preparation ensures timely ACNC reporting — failure to meet obligations can result in compliance action and loss of registered charity status with associated tax concessions.
Common Questions
Grant Compliance Audits
Prepare for grant compliance audits and funder-mandated assurance reviews required by Commonwealth funding programs, state and territory grant bodies, and institutional funders across Australia. We assemble expenditure evidence, outcome reporting schedules, and restricted fund reconciliations so funders receive the assurance they require under grant agreement terms and Commonwealth Grant Rules and Guidelines.
Grant expenditure reconciliation
Eligible costs mapped to grant budgets with supporting invoices, timesheets, and apportionment calculations.
Commonwealth funding audit preparation
Accounts and schedules prepared for funder audits, agreed-upon procedures, or review engagements under ASA.
Restricted fund compliance
Grant income and expenditure tracked separately with conditions monitored throughout the funding period.
Co-contribution verification
Matched contribution evidence compiled for Commonwealth, state, and institutional grant compliance requirements.
How It Works
Grant agreement review
Analyse funder terms, eligible cost definitions, reporting deadlines, and assurance requirements per grant agreement.
Expenditure tracking setup
Configure nominal codes and restricted funds to segregate grant income and eligible expenditure by programme.
Compliance evidence assembly
Compile invoices, payroll allocations, outcome reports, and co-contribution evidence for auditor or funder review.
Assurance engagement support
Support funder-appointed auditors or independent reviewers and resolve queries before grant acquittal sign-off.
Grant agreement review
Analyse funder terms, eligible cost definitions, reporting deadlines, and assurance requirements per grant agreement.
Expenditure tracking setup
Configure nominal codes and restricted funds to segregate grant income and eligible expenditure by programme.
Compliance evidence assembly
Compile invoices, payroll allocations, outcome reports, and co-contribution evidence for auditor or funder review.
Assurance engagement support
Support funder-appointed auditors or independent reviewers and resolve queries before grant acquittal sign-off.
Australian grant funders — including Commonwealth departments under the Commonwealth Grant Rules and Guidelines (CGRGs), state and territory agencies, and charitable foundations — frequently require independent assurance over how funds were spent. Requirements range from financial acquittals for small grants to ASA review or audit engagements where ACNC charity revenue thresholds are met or grant agreements specify assurance levels. Grant agreements specify eligible costs, co-contribution obligations, outcome reporting, and clawback provisions for non-compliance. We track expenditure against grant budgets in restricted funds, prepare reconciliation schedules linking general ledger postings to funder acquittal forms, and assemble evidence for Commonwealth and state funding audits. Proper grant accounting under AASB 1059 and ACNC requirements prevents questioned costs, funding recovery, and reputational damage with public sector and institutional funders.
Common Questions
Review & Compilation Engagements
Obtain limited assurance through review engagements or present financial information through compilation engagements under AUASB Standards — ASRE 2400 Review of Historical Financial Statements and APES 315 Compilation of Financial Information. Reviews provide inquiry-and-analytical-procedure-based comfort when a full ASA audit is not required. Compilations provide no assurance — the most cost-effective option when stakeholders understand they receive no independent verification.
ASRE 2400 review engagements
Financial statements and workpapers structured for limited assurance review procedures under AUASB Standards.
APES 315 compilations
Financial data assembled into statement format per APES 315 compilation requirements with no assurance provided.
Analytical procedures
Ratio analysis, trend comparisons, and expectation development supporting review engagement programmes.
Assurance level clarity
Engagement letter sets expectations — review provides limited assurance; compilation provides none.
How It Works
Engagement scoping
Confirm review or compilation is acceptable to lenders or stakeholders and draft engagement letter terms.
Financial statement preparation
Prepare AASB financial statements with supporting schedules and reconciliations for review or compilation procedures.
Engagement procedures support
Respond to practitioner inquiries, provide analytical inputs, and resolve exceptions during review fieldwork.
Report coordination
Support directors' declaration and board approval for review or compilation report issuance.
Engagement scoping
Confirm review or compilation is acceptable to lenders or stakeholders and draft engagement letter terms.
Financial statement preparation
Prepare AASB financial statements with supporting schedules and reconciliations for review or compilation procedures.
Engagement procedures support
Respond to practitioner inquiries, provide analytical inputs, and resolve exceptions during review fieldwork.
Report coordination
Support directors' declaration and board approval for review or compilation report issuance.
Review engagements under ASRE 2400 — issued by the AUASB — provide limited assurance that nothing has come to the practitioner's attention causing them to believe the financial statements are not prepared in accordance with AASB standards. Unlike ASA audits providing reasonable assurance, reviews rely primarily on inquiry of management and analytical procedures without extensive substantive testing. Reviews cost significantly less than full ASA audits and are accepted by many Australian regional banks and private investors for companies qualifying for the section 292 audit exemption. Compilation engagements under APES 315 involve presenting management's financial information in statement format without performing audit or review procedures — the practitioner explicitly disclaims any assurance on accuracy or completeness. ASRE 2400 reviews do not satisfy Part 2M.3 large proprietary company audit requirements, ASX listing rules, or ACNC large charity audit obligations that mandate full ASA audits. We prepare complete financial statements and supporting schedules so your practitioner can perform procedures without delays.
Common Questions
External Auditor Coordination
Serve as your single point of contact for external registered company auditor communications — managing PBC requests, fieldwork scheduling, query resolution, and report issuance. Proactive auditor coordination minimises business disruption and prevents qualified opinions caused by incomplete responses or missed deadlines during ASA, ASRE 2400, or APES 315 engagements.
Single liaison point
All auditor communications channelled through us — reducing director and finance team disruption during fieldwork.
PBC list management
Auditor request lists tracked, prioritised, and fulfilled with indexed evidence packages on agreed timelines.
Fieldwork scheduling
On-site and remote audit sessions coordinated with key personnel availability and inventory count dates.
Report issuance support
Directors' declaration, subsequent events review, and board papers prepared for audit sign-off and ASIC lodgement.
How It Works
Engagement letter review
Review auditor scope, timeline, fee estimate, and PBC requirements before fieldwork commences.
PBC fulfilment and tracking
Manage provided-by-client schedule delivery with status tracking and escalation of overdue items.
Query resolution during fieldwork
Respond to auditor inquiries, provide substantiation, and negotiate adjustments before draft report stage.
Sign-off and lodgement coordination
Coordinate audit report signing, directors' declaration, and ASIC financial report lodgement deadlines.
Engagement letter review
Review auditor scope, timeline, fee estimate, and PBC requirements before fieldwork commences.
PBC fulfilment and tracking
Manage provided-by-client schedule delivery with status tracking and escalation of overdue items.
Query resolution during fieldwork
Respond to auditor inquiries, provide substantiation, and negotiate adjustments before draft report stage.
Sign-off and lodgement coordination
Coordinate audit report signing, directors' declaration, and ASIC financial report lodgement deadlines.
External auditor coordination manages the relationship between your organisation and your registered company auditor throughout ASA, ASRE 2400, or APES 315 engagements under AUASB Standards and APES 110 ethical requirements. We review engagement letters for scope and fee proportionality, maintain PBC request trackers with clear ownership and deadlines, and respond to auditor inquiries with organised evidence packages. During fieldwork we coordinate access to personnel, systems, and documents — resolving testing exceptions before they escalate to audit adjustments. At completion we support directors' declarations, subsequent events reviews, and board papers approving the financial statements. For group structures, we coordinate component entity PBC packs feeding into ASA 600 group audit programmes. Effective liaison typically reduces total audit hours by twenty to thirty percent compared to uncoordinated engagements — particularly valuable for large proprietary companies facing Part 2M.3 ASIC lodgement deadlines.
Common Questions
Frequently Asked Questions
Get Started
Fill out the form below and our team will get back to you within 24 hours.
Request an Audit Consultation
Provide your audit requirements in Australia and we'll match you with the right compliance support.
Explore More in Australia
Discover our other financial services available in this region.
Company Formation
Proprietary Limited (Pty Ltd) Company Registration
Learn More →
Accounting & Bookkeeping
ATO-Compliant Bookkeeping
Learn More →
Tax Preparation
Company Income Tax Returns
Learn More →
Odoo ERP
Odoo Implementation for Australian Businesses
Learn More →
Business Consultation
Entity Structuring (Company vs Trust vs Partnership)
Learn More →
Not sure which Auditing service you need?
Our Australia team can assess your requirements and recommend the right approach. Book a free 30-minute consultation.
Need Auditing Support in Australia?
Contact our Australia team for expert assistance.
