RSM Australia

Audit and Assurance Services

Independent financial Audit and Assurance services play a critical role in creating and maintaining investor confidence in your business

Reliable information is the basic prerequisite for confidence in the value of an organisation; for the investor, the public and the organisation itself. A thorough independent audit of an organisation's financial report provides the basis for this confidence.

RSM have extensive experience offering auditing and assurance services to a diverse range of organisations in the private, public and non-profit sectors. But our Audit and Assurance team do more than deliver technically excellent auditing services. They know that to offer the best auditing solutions for your business, they need a thorough understanding of your individual requirements.

Our team take the time to develop in-depth knowledge of their client’s business, offering tailored auditing advice and constructive suggestions for improvement.

RSM AUSTRALIA APPROACHES THE AUDIT AS A SERVICE FOR THE BENEFIT OF STAKEHOLDERS.

We demand audit excellence and set tough policies to achieve it. We hire talented people and invest heavily in training and tools, including systems for achieving consistency, objectivity and accountability in strict compliance with professional standards. Our assurance services and advisory methodologies blend technical competencies with a detailed, robust knowledge of our clients and their markets. You can expect a high level of contact with your audit partner, backed by state-of-the-art systems.

Here are some of the auditing and assurance services we provide:

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.

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.

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.

RSM Australia’s accredited audit services employs world-class, proprietary technology and delivers a paperless audit solution. Get in touch today for more information.

Case Study: Urban.io

Urban.io provides a turnkey Industrial IoT solution for remote data acquisition from your buildings into your business systems.
New JobKeeper 2.0 legislation has been passed by Parliament

JobKeeper 2.0 legislation passed

Legislation has been passed by Parliament extending the JobKeeper wage subsidy scheme until 28 March 2021. The current JobKeeper rules will cease to have effect from 28 September 2020.
Is your payroll system the next disaster?

Post Pandemic - Is your payroll system the next disaster?

While most employers don’t deliberately underpay employees, errors can occur. Coles, Woolworths, Hero Sushi and MasterChef George Calombaris are the latest in a long line of companies and franchises to be caught in payroll scandals as a result of outdated payroll systems.
interest-free loans

Interest-free loans - New draft ATO guidance released

The ATO has published much-awaited guidance in relation to outbound interest-free loans - which it has released for comment in Draft Taxation Ruling TR 2017/4 DC2.
employee underpayments

The case of employee underpayments

Several large companies, including Westpac, Woolworths, Bunnings, and the Commonwealth Bank, have made front-page headlines for employee underpayments.
cash flow

Nine top tips to maintain a healthy cash flow

It does not matter what business you are in, cash flow is vital for survival. This is even more important in the current COVID-19 environment. The team at RSM has put together the following tips to assist you to maintain a healthy cash flow.
Strong Alliances the key for allied health today

Strong Alliances the key for allied health today

On face value, you may assume that the health industry is one of the few to financially benefit from the current global pandemic. Whilst this is true in some cases, the realities are a significant portion of income comes from planned procedures in this industry.
COVID-19 lessons for tourism & hospitality businesses

COVID-19 lessons for tourism & hospitality businesses

It is difficult to imagine a more brutal series of circumstances than those that have assailed the tourism and hospitality industry as a direct result of COVID-19.
COVID-19 Lessons for Primary Producers

COVID-19 Lessons for Primary Producers

The COVID-19 Pandemic has presented great challenges across the globe and will continue to do so for the foreseeable future as governments tread a fine line between the very real public health concerns and trying to jumpstart faltering economies.

Urgent action required by employers | JobKeeper Update

The government has introduced further changes to the JobKeeper Payment, designed to include as many employees as possible.
Risk assessment, strategic planning, innovation – What does the future of higher education look like in the face of COVID-19?

The future of higher education in the face of COVID-19

Risk assessment, strategic planning and innovation – What does the way forward look like for the tertiary education sector in the face of COVID-19? Without question, the higher education sector in Australia has been heavily impacted by COVID-19.
asset write-off

Second opportunity - asset write-off extension

The recent extension of the $150,000 instant asset write-off threshold to 31 December 2020 has given business entities with a turnover of under $500m a second opportunity to access significant tax savings when purchasing equipment.

Changes to JobKeeper – what do employers need to do now?

With all the changes the Australian government announced around the JobKeeper extension (JobKeeper 2.0 and 2.1), there has been some confusion around the Government changing the employee eligibility date from 1 March 2020 to 1 July 2020. 
Three simple steps to moving online

Three simple steps to moving online

In the modern farming world, we are seeing situations where our clients are spending more time out of the office and more time on the farm, or off-farm doing other life activities.

JobKeeper 2.1 - Treasury announces further changes to JobKeeper payment

In response to the significant impact of coronavirus restrictions on business owners in Victoria, and likely impacts to follow in NSW, Treasury has announced further changes to the JobKeeper V2.0 proposals originally announced in July.
Accounting for government assistance during COVID-19

COVID-19 Financial Reporting: Accounting for government assistance

As the COVID-19 pandemic continues to have a serious impact on the economic environment, governments continue to provide different forms of assistance to affected entities.
COVID-19

COVID-19 funding boost for Aged Care industry

The Federal Government recently announced a $52.9 million funding boost to provide further financial support for residential aged care providers during the COVID-19 crisis.
JobKeeper

JobKeeper 2.0 Updates

A quick recap as JobKeeper 2.0 has been announced. Time is starting to run out for instant deductions on plant purchases.
changes in tax rates

Accounting for changes in tax rates

Corporate Tax rates for smaller Australian companies are set to fall over the next few years. How should the changes in tax rates be reflected in financial statements?
With new changes to the JobKeeper program, what does it mean for business owners?

New announcement and changes to JobKeeper 2.0 - What it means for business owners

The government has today released more detail surrounding much anticipated changes to the JobKeeper program.
What does the future of JobKeeper hold for Australian businesses?

A better approach to JobKeeper?

With speculation rife over the future of the JobKeeper scheme, we explore what has worked with the scheme, what hasn’t and possible changes to the scheme that may be considered when the Treasurer releases his economic update and the results of the Treasury review into the scheme.
Will your JobKeeper records sustain an ATO review?

JobKeeper - Will your records sustain an ATO review?

The ATO have recently updated their ‘Keeping JobKeeper Fair’ guidance and have provided examples of the type of activity they are targeting when reviewing eligibility.
ATO’s assurance initiatives - Top 1,000 Tax Performance Program

ATO’s assurance initiatives - Top 1,000 Tax Performance Program

Established in July 2016, the ATO's Top 1,000 Tax Performance Program is in its fourth year of establishing greater assurance that large public and multinational taxpayer groups are paying their ‘fair share of tax’.
Accounting for changes to AASB 16 Leases

Accounting for changes to AASB 16 Leases

Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective.
JobKeeper

Superannuation Amendments for JobKeeper Payments

Welcome news has finally arrived for employers with confirmation that the proposed amendments to the superannuation guarantee rule in relation to JobKeeper top-up payments have been registered. This should now provide employers certainty on their superannuation guarantee obligations for the June quarter.
Demystifying foreign currency issues

Demystifying foreign currency issues

Dealing with foreign currency matters in financial statements often causes difficulty among preparers of financial reports. In this article, we address some common issues on the treatment of foreign currency matters. Foreign Currency Transactions

Webinar: Financial Reporting Update 2020 | May 2020

Ralph Martin, National Technical Director at RSM Australia, along with Ana Espinal-Rae, National Technical Manager, hosted three webinars to deliver his annual Financial Reporting Update. What was covered:
JobKeeper

JobKeeper changes for ACNC registered charities

On 1 May 2020, Treasury released amendments to the JobKeeper rules, which have effect from the start of the JobKeeper scheme.
financial reporting deadlines

ASIC extends financial reporting deadlines

ASIC has amended the Corporations Act 2001 to provide an additional month for companies to lodge their financial statements.  This affects all entities with 30 June year-ends which lodge financial statements under the Corporations Act.
Cash flow boosts

Cash Flow Boosts for Businesses

If you are a small or medium business that employs staff, it has never been so important to lodge your March Quarter or March Monthly Business Activity Statement on time.
ASIC allows 1-month additional time for unlisted entity financial reports

ASIC grants one month extension for unlisted entity financial reports

Unlisted companies with a 31 December or 31 March year-end have been granted an extension of one month to their financial reporting deadlines by the Australian Securities and Investments Commission (“ASIC”). 
Common issues in accounting for Share-based Payments

Common issues in accounting for Share-based Payments

Providing share-based remuneration to senior employees and directors is a common way to incentivise, or simply “lock-in” key people.  It can also be an effective way for early-stage businesses to minimise cash outflow by using share-based payment to pay other key suppliers.

ASIC confirms two-month extension for AGMs and supports use of technology

Public companies with a December 2019 year-end would usually have until 31 May 2019 to hold their Annual General Meeting (AGM).  The restrictions on travel and on large gatherings in place as a result of COVID-19 may make it difficult to meet this requirement, and therefore ASIC have confirmed that they will provide relief fro
AASB 1058

AASB 1058 - What is a Sufficiently Specific Performance Obligation?

AASB 1058 Income of Not-for-Profits became applicable for not-for-profit entities on 1 January 2019.
new directors

RSM Australia appoints new directors to support growing demand for consulting services

MEDIA RELEASE February 28 2020 - RSM Australia (RSM), one of the largest mid-tier accounting firms in Australia, has announced the appointment of Sam Mohammad as national head of indirect tax and Srdjan Dragutinovic as director of data analytics.

Meet our two new Principals and Associate Director

In January 2020, our senior leadership team grew by 11. This included eight new directors, two principals and an associate director. We spoke to our new principals and associate director to get to know them and learn about their hobbies outside of the accounting world - also check out their fun facts!
auditor independence issues

Independence issues for internal auditors

Internal audits can help organisations understand how well they’re managing their risk, control, and governance processes. Internal auditors don’t just examine an organisation’s financials; they review all aspects of its operations to identify ways to help the organisation improve its performance. 
Reporting Obligations

Reporting Obligations for Australian Proprietary Companies

This guide is designed to assist proprietary companies in determining their financial reporting obligations. It explains whether your proprietary limited company needs to prepare, have audited, and lodge financial statements with the Australian Securities and Investments Commission (ASIC).

Deferral of new revenue standards to NFP research grants

Not-for-profit entities with 31 December 2019 year ends can elect to not apply AASB 15 or AASB 1058 in the recognition of revenue from research grants.  What has happened? 

Top 5 issues in the implementation of AASB 16 Leases

AASB 16 Leases has now been effective for over 10 months, and RSM Australia’s Technical Accounting team is receiving an increasing number of questions about its implementation. 

Clarifying the transition of AASB 16 Leases

AASB 16 Leases is now effective, since it applies for periods beginning on or after 1 January 2019. 

2019 Transparency Report

Quality is the absolute cornerstone for RSM. Our 2019 Transparency Report, prepared in accordance with Section 332 of the Corporations Act 2001 provides an overview of our framework for audit quality.

Hayne Royal Commissioner’s Assessment of the Superannuation Industry

The Australian superannuation and wealth management sector has been in the spotlight over the past year as a result of the Hayne Royal Commission. The role of the Trustee and the suitability of the vertical integration model within the sole purpose test has been challenged.

ASX corporate governance principles (fourth edition)

Culture, values and trust What's happening? The fourth edition of the ASX Corporate Governance Council’s Corporate Governance Principles was released on 27 February 2019.

Download the AASB 16 Leasing Model

What is AASB 16 - Leases?

Reduced financial reporting requirements for SME businesses

These changes were passed into law in May 2019 and will come into effect from 1 July 2019 onwards.

Blockchain and the evolution of Cryptocurrencies

Blockchain and the evolution of Cryptocurrencies is still a work in progress.

Trust Account Audits

In the wake of recent events, real estate agents are now under greater scrutiny from regulatory authorities, as well as the general public. As the threat of cyber crime attacks increases, the security of your client monies is critical to your business reputation. How we can help

Case study: McNab

"What I find dealing with the firm is that they are real people, they really understand the construction industry. I think that’s a very important part of what they offer to me and the business at McNab.

Case study: UFS Dispensaries

“We have an excellent working relationship with RSM, in particular with the audit team. It is an open and frank relationship and it is definitely a high trust relationship.

Scrutiny of new accounting standards – inaction not tolerated

ASIC’s heightened scrutiny of ‘big three’ accounting standards highlight inaction won’t be tolerated. 

AEMO report on the South Australian blackout

On Tuesday 28 March 2017, the Australian Energy Market Operator (AEMO) released its fourth and final report into South Australia's September blackout with the conclusion that overly sensitive settings in some wind farms resulted in the statewide blackout. It also found the intermittent nature of wind was not to blame for the statewide blackout.

The emergence of Blockchain- what you need to know!

Blockchain is one of the more exciting—and more misunderstood—emerging technologies.

ASIC media release on new accounting standards

ASIC published a media release on 16 December 2016 highlighting the need for action on three major new accounting standards.  The three standards are: AASB 9 Financial Instruments (applies from years commencing 1 January 2018)

The fine art of hiring consulting services

By investing more time running a competitive tender process, companies should end up with consulting services that better reflect their business needs.

Case study: Porter Davis Homes

“The ease with which we do business is a big tick box – supportive as well as providing the right advice. Our willingness to recommend RSM as an organisation would be absolute”. - Paul Wolff, Director Sales and Marketing, Porter Davis Homes

Industry insight - Vitamin and supplement manufacturing

A snapshot of the key statistics and current industry performance in the vitamin and supplement manufacturing sector.

Industry insight - Milk powder manufacturing

A snapshot of the key statistics and current industry performance in the milk powder manufacturing sector.

Maintaining audit quality: 10 things audit committees should check with auditors

The purpose of an audit is to confirm the validity of financial statements and help determine the value of an organisation. The auditor’s role is to express an objective opinion on whether the organisation’s management has fairly presented the information in financial statements.

Change in discount rate for employee obligations

Under AASB 119 Employee Benefits, all for-profit entities and not-for-profit private sector entities are required to discount employee liabilities using the rate applicable to high quality corporate bonds. Where there is no deep market for those bonds, government bond rates are used.

Managing change at board and executive level

RSM recently held a lunch featuring a panel including Paula Dwyer, Professor Judith Sloan and Fiona McGauchie with Catherine Walter as MC to discuss how to manage change at board and executive level. This is a synopsis of the event.

RSM expands into Toowoomba

RSM, one of the largest mid-tier accounting firms in Australia, has announced its expansion into regional Queensland, opening an office in Toowoomba. The expansion comes as RSM consolidates a two-year association with Toowoomba accounting firm Laird Advisory by merging the local practice with the national accounting firm.

Private certification put to minister

Master Builder members met Planning Minister John Day in late May at a Lunch hosted by RSM and put forward a strong case for private certification of planning approvals.  Numerous case studies were presented of slow response times in many local government areas.