Audits

Introduction

At SMB Accounting, we offer a comprehensive range of audit services. We help you meet the requirements of your clients and keep them confident that their financial affairs are in good order.

Trust Account Audit

Trust account audits are an important aspect of your business, especially if you operate as a sole proprietor or have employees. A trust account audit is a review of the financial records and activities involving your business’s bank accounts. It’s also called a bank reconciliation when it involves one checking or savings account at a time. For example, if you have an individual checking account for your business and personal use, you should do this type of audit on both accounts every month to make sure that they align with each other.

Trust Account Audits Are Necessary Because:

  • They help prevent fraud
  • They confirm that all transactions are recorded accurately
  • They ensure that all funds are accounted for

Outgoings Audits Australia

As the new Financial Year is upon us, it is important to understand your obligations as a Landlord in relation to outgoings. There has been a great deal of legislation and government intervention around the COVID pandemic and how this affects Landlord and Tenant relationships. The majority of commercial office leases state that the Lessor (Landlord) can recover reasonable outgoings from the Lessee (Tenant). A Lessor can only recover those reasonable outgoings that were necessarily incurred by them during the period of tenancy. Outgoings are not just the costs that you may have received an invoice for during the year, but also a reasonable incurred cost that would usually be paid by a Lessor. It is important to understand what your lease states about recovery of outgoings, if you are unsure seek advice from either your Property Manager, or Legal Representative

Not for Profits Audits

If you’re a not-for-profit organization, you need to keep on top of your finances. And one of the best ways to do that is by having your books audited. Not for profits are required to have an audit every year, and there’s a good reason for this: Audits help ensure that your organization is using its resources wisely and staying in compliance with laws and regulations.
Audits can be conducted by either an external auditor or someone from within the organization itself (if they’re qualified). If you’re interested in this process but don’t know where to start, here’s some information about what it takes to get started on an annual audit for not-for-profits:

SMSF Audits

SMSFs are all about investment, so the audit should focus on investment related issues. These include:

  • Investment performance
  • Investment strategy and implementation
  • Investment manager selection and monitoring
  • Investment manager performance evaluation

Our comprehensive audit services give you peace of mind that your clients' affairs are in order.

Our comprehensive audit services give you peace of mind that your clients' affairs are in order.

  • Trust account audits - ensuring that cash and cheques are deposited, withdrawn and reconciled correctly.
  • Outgoings audits - ensuring that all costs incurred by the Lessor meet the legislation requirements for reimbursement under the lease
  • Not for profits audits - providing assurance on compliance with reporting obligations to federal government agencies eg Australian Charities and Not for Profits (ACNC) These audits also provide assurance on compliance with specific reporting requirements under state law eg Incorporated Associations Act or charitable trust documents. Audits may include reviews of operational controls, financial statements analysis and other procedures as applicable

Conclusion

We can also audit your business in Australia. Our trust account audits ensure that your clients’ funds are being held on trust for them, and not misused by you. We also have extensive experience in auditing outgoings such as salaries or rent. If you’re looking to sell some plant and equipment, we’ll be able to help with that too.

SMB Accounting is one of the largest providers of Audits all completed within Australia. No outsourcing with all information handled within our offices A quality audit is completed in minimum time. Fast and efficient work done at a price  which is within your budget.

WE do a number of audits of the following:

  • Trust Account Audits - Legal, Real Estate, Accountants, Management Rights
  • Audits of Non Profit Associations - Sporting Clubs, RSL Clubs, Chairites, churches and schools
  • Audit of Special Purposes Financial Statements
  • Audit of General Purpose Financial Statements
  • Investigative Reviews
  • QBCC Reviews & Audits
  • Self Managed Super Fund audits
  • Special needs audits - Retail Lease Shops Act - outgoings Audits
SMSF AUDIT