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Audit and assurance

Audit and Assurance Services


See:
Audit and Assurance Services
Financial Report Auditing
Compilation and review of financial statements

Today’s fast-paced commercial environment means that Melbourne businesses require information they can trust to represent the financial facts, calling for audit and assurance services that leave no stone unturned in the search for possible material misstatements or other incomplete or unreliable information in financial reports. The accuracy of the financial information available to both investors and management is a key driver of important decision-making processes, and must not be overlooked when taking your business to the next level or looking to maintain your current position.

Kingston & Knight Accountants have extensive experience in delivering comprehensive, timely, and cost-efficient audit and assurance services to a range of Melbourne businesses and organizations. By assisting our Melbourne clients in managing their decision making and avoiding information risk, we enable them to get on with growing their business whilst meeting commercial and financial reporting requirements as set by the regulators.

Here at Kingston & Knight, our risk-based definition of the audit process requires us to focus our attention on the areas of concern or doubt identified in financial statements or other documentation that is subject to audit. Where there is any doubt, seeking assurance can be the difference between a costly oversight and a valuable new piece of information used to guide decision-making.

By reviewing your financial statements and providing a professional, independent statement regarding their accuracy, completeness, relevance, and fairness in representation, we give your business the decision-making confidence required to make reliable and valuable decisions. Our auditors report and its recommendations can provide your corporate governance team with quality information that accurately reflects the strengths and weaknesses of your internal controls, decision making by management, and risk-management practices within your organization.

Some important Kingston & Knight audit and assurance services include:
• Regulatory and compliance audit, including SMSF audit
• Audit of financial statements
• Forensic accounting, investigative accounting, and litigation support
• Assurance statements and services
• System control reviews, risk reviews, etc.
• Accounting regulated assurance services.

SMSF Auditor Melbourne

Kingston & Knight deliver effective and cost-efficient SMSF audit services to clients across Melbourne, with the number of SMSF audits our audit accountants perform increasing as the requirement for thorough and professional SMSF auditing services continues to grow.
All Australian Self-Managed Super Funds (SMSF) are required to undergo an annual audit by an ASIC-approved SMSF auditor in order to continue receiving the discounts available to compliant funds. These yearly SMSF audits are designed to ensure that the requirements set out in the Superannuation Industry (Supervision) Act 1993 (SIS Act) are complied with.

Individual SMSF funds are available to elect to become a regulated fund that agrees to be governed by the content of the SIS Act, including by undertaking yearly audits by an approved SMSF auditor, in return for a significant income tax concession. Compliant SMSF funds are subject to an income tax rate of 15%, compared to the 47% to which non-compliant SMSF funds are subject.

SMSF funds are regulated by the ATO, whereas all other super funds are regulated by APRA. This further increases the requirement for having a skilled tax accountant as your registered SMSF auditor. If an SMSF does not meet the criteria to comply with the SIS Act, such as through failing to conduct the relevant audits, significant penalties can be imposed upon the SMSF’s trustees and the auditor involved.

Why choose Kingston & Knight for your SMSF audit requirements in Melbourne?
• Registered Company Auditor
• ASIC-registered SMSF Auditor
• We offer additional accounting and tax advisory services for the benefit of your SMSF and its trustees
• We use automated systems and powerful software to deliver your SMSF audit report in a timely and cost-effective fashion.

Trust Account Auditor Melbourne

You may be involved in a trust account if another party, such as a solicitor, accountant, travel agent, real-estate agent, or other professional keeps funds on your behalf in a nominated location. Traditionally used to keep funds secure while the trustee decides how to invest the money, or until they become eligible to receive it, but there are other uses of trust accounts.

Whenever a trust account is set up to hold money on behalf of someone else by a professional, the trust account must be subject to an annual trust account audit by an accredited audit practitioner. The nature and details of these trust account audits may differ depending on the circumstances, including the profession of the trust account holder.

Kingston & Knight trust account audit practitioners can assist you by:
• Sharing our extensive knowledge of trust account practices, including establishment and management procedures, as well as how to deal with potential problems or how to treat transactions involving the trust account
• Training and advising staff on trust account policy and procedure
• Advising on changes affecting the rules, guidelines, and regulations that affect trust accounts
• Advising on internal control systems and software to assist you in managing your trust account.

Audit of Financial Statements Melbourne

Listed companies are also required to undergo a yearly audit process with the engagement of an accredited financial report auditor. A financial statements auditor is required to perform a review along with a comprehensive audit of the company’s financial statements on a yearly basis as part of the assurance process for investors and other stakeholders.
Non-listed companies are not bound by these requirements, but may benefit in a number of ways from having an auditor review or audit their financial statements, including:
• Improved commercial and managerial decision making
• Greater understanding of internal controls present, including strengths and weaknesses
• Areas of improvement for financial record keeping, collection, and analysis of the company’s financial information
• Providing a key assurance indicator to current or prospective stakeholders, as well as to the market in general, regarding the company’s operations and performance.

Contact Kingston & Knight Accountants today on 1800 283 481 to learn more about our Melbourne auditor services, or email us at admin@kingstonknight.com.au.

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