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Audit and assurance services help organisations build trust in their financial information, strengthen governance and meet their reporting obligations.
RSM Australia provides independent audit and assurance services for private businesses, public companies, not-for-profits, government entities and international groups.
Our audit specialists work with you to assess financial statements, internal controls, compliance requirements and reporting risks, helping your stakeholders make decisions with confidence.
We understand that audits are more than just evaluations and maintenance of financial statements. As such, RSM provides audit services that outlines your business history, manages the present state of affairs and builds a plan for the future.
Practical advice, backed by deep expertise
Let's discuss your audit requirements
Whether you're planning your next audit, reviewing your reporting obligations or seeking independent assurance, we're here to help.
Financial reporting & advice
Our experts provide financial reporting and auditing advice to a huge variety of companies. No matter how little or large your business, a thorough grasp of current accounting and financial reporting standards is vital. RSM will help you to stay one step ahead by providing quality, relevant reporting and advice.
Financial statement audits
We deliver financial statement audit services that establish the integrity and reliability of the information provided, working closely with your audit committee, CFO and accounting staff. We identify your business’s key risks and the pivotal internal controls that will help to minimise them.
US UGG audit compliant
Our specialist team have experience and expertise in providing assurance advice to the higher education sector. We have undertaken UGG audits at three large universities and successfully acquitted many specific purpose grants.
Regulatory technical advice
We use our expertise to advise our clients on compliance with regulatory requirements. Our team are fully up to date with these requirements, allowing us to give advice that is accurate and pragmatic.
CFO advisory services
Working with your CFO and finance teams, we draw from years of experience to delivery fit-for-purpose solutions that solve your organisation's biggest challenges.
External audit
An external audit determines whether, in the auditor's opinion, the statements present fairly in all material respects. We provide Finance Directors with certainty to help them manage risk and improve operations, as well as ensuring compliance with regulatory obligations.
Who needs an audit?
Audit requirements vary depending on the size, structure and regulatory obligations of your organisation. While some entities are legally required to undertake an independent audit, many others choose to do so to improve governance, strengthen financial reporting and provide greater confidence to stakeholders.
Organisations that commonly require audit and assurance services include:
- Large proprietary companies that meet the reporting requirements of the Corporations Act.
- Public companies and listed entities that require annual financial statement audits.
- Not-for-profit organisations and charities seeking transparency, accountability and compliance with funding or regulatory obligations.
- Government agencies and public sector organisations requiring independent assurance over financial reporting and governance.
- Australian subsidiaries of international businesses that need to meet local statutory reporting obligations.
- Organisations receiving government grants or managing trust accounts, where independent assurance may be required by funding agreements or legislation.
Even where an audit is not mandatory, many organisations choose to undertake an independent audit to improve governance, strengthen internal controls, support financing arrangements, satisfy investors and demonstrate transparency to customers, suppliers and other stakeholders.
FAQs about Audit and Assurance
An audit is an independent examination of an organisation’s financial statements, records and supporting evidence. The purpose is to provide assurance that the financial statements present a true and fair view and comply with relevant accounting standards and reporting requirements.
A quality audit can also identify opportunities to improve internal controls, strengthen financial reporting processes and support better governance.
A review engagement is less comprehensive than a full audit. Audits involve thorough procedures, testing, verification, and risk assessments. Reviews are more limited - they provide moderate assurance, rely more on inquiry and analytical procedures, and don’t include the same level of substantive testing. An audit gives higher assurance and involves more extensive testing of financial records, internal controls and supporting evidence, resulting in an independent audit opinion. A review involves fewer procedures and provides limited assurance over an organisation's financial statements.
“Going concern” means a business is assumed to continue operating for at least the next 12 months. Under Australian standards, management and the board are primarily responsible for making the going concern assessment, while auditors evaluate and provide independent assurance about that assessment. If there's uncertainty, it must be disclosed.
Good preparation includes ensuring financial records are complete and accurate, internal controls are functioning, risk areas identified (including going concern, new regulatory requirements), accounting estimates are documented, and disclosures are up-to-date. Having clarity around those items helps audits run more smoothly and outcomes to be more reliable.
Emerging technologies, such as AI, are changing how audits are conducted—whether that’s through enhanced data analytics, automating repetitive tasks, or identifying anomalies more efficiently. Auditors must stay current with these tools while ensuring they retain professional scepticism, validate algorithmic inputs, and comply with auditing standards.
Yes. For early growth businesses, alternative audit models or scaled-down assurance engagements may offer more cost-efficient and tailored solutions—balancing compliance needs and stakeholder assurance without overburdening the organisation. RSM works with entities to choose an audit or assurance level appropriate to their size, growth, and risk profile.
ASIC is increasingly scrutinising financial reporting, going concern disclosures, fraud risk, and assurance around emerging risks. Auditors and companies will need to ensure that financial statements and audit reports meet these heightened expectations, particularly in how risks are disclosed and managed.
Audit is a specific type of assurance engagement, usually focused on financial statements. Assurance is broader and can include reviews, compliance engagements, controls testing, grant acquittals, sustainability assurance and other independent assessments.
Both services are designed to give stakeholders greater confidence in the information they rely on.
The information required will vary depending on your organisation and the scope of the engagement. Typically, auditors will request financial statements, general ledger reports, supporting documentation, reconciliations, contracts and information relating to key business processes and internal controls. Our team will provide a detailed information request and work with you throughout the audit process.
An independent audit helps build confidence in your financial reporting, strengthens governance, improves internal controls and supports compliance with regulatory requirements. It can also provide valuable insights into business risks and opportunities for improvement, helping boards, management, investors and lenders make informed decisions with confidence.
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Looking for trusted audit and assurance advice?
Our team can help you meet your compliance obligations, strengthen governance and provide greater confidence in your financial reporting. Enquire below to get started.
Looking for trusted audit and assurance advice?
Our team can help you meet your compliance obligations, strengthen governance and provide greater confidence in your financial reporting. Enquire below to get started.
Why choose RSM for your audit?
Independent, objective advice
Receive an independent audit that provides confidence in your financial reporting while meeting statutory and regulatory obligations.
Industry-specific expertise
Our auditors work across a broad range of industries, bringing practical knowledge of the risks, regulations and reporting requirements unique to your sector.
National reach, local service
With offices across Australia, you'll benefit from the resources of a national firm combined with responsive, local support from experienced audit specialists.
Actionable business insights
We do more than issue an audit opinion. We identify opportunities to strengthen internal controls, improve governance and enhance financial reporting processes
A risk-focused audit approach
Our audit methodology is designed to focus on the areas of greatest risk, helping deliver an efficient audit while maintaining the highest quality standards.
Partner-led relationships
You'll work directly with experienced audit professionals who take the time to understand your organisation, providing clear communication and practical advice throughout the audit process.
Our services
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