Financial statement audits | External Audits

Our audit process demands a robust understanding of each client, its industry and its environment.  Based on this understanding, we assess RSM provides Financial statement audits and independent audit assessmentthe key business risks and the audit risks of material misstatement of the financial statements. We identify key management and internal controls that may reduce these risks to acceptable levels.

We then perform audit procedures to address risks to provide an independent opinion on the integrity of the financial information being presented and to establish reliability on the means by which it is reported. 

We communicate closely and regularly with your audit committee, CFO, financial controller and accounting staff during the audit process. From our preliminary audit planning and interim work, through to the delivery of reports and communication of internal control related materials, we strive to keep you informed.

RSM has its own audit methodology which complies with the requirements of international audit standards.

We utilise electronic audit workpapers and a host of other tools to improve audit efficiency. The benefit to you is an effective, cost efficient, independent audit, performed in a timely manner by experienced professionals.

Audit services are provided by RSM Australia Partners.

The move towards General Purpose Financial Statements

Updates from the QBCC: The move towards General Purpose Financial Statements

As of 1 July 2022, the Queensland Building and Construction Commission (QBCC) have started enforcing the preparation of General Purposes Financial Statements (GPFS) for all financial statement lodgements following the end of the 12-month transition to AASB 2020-2 and AASB 1060.
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Solicitor Trust Accounts Compliance Audit

If you are a practicing solicitor, you more than likely will hold a trust account. Trust accounts are maintained to handle trust money on behalf of your clients.
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RSM Australia has announced the appointment of experienced auditor Louis Quintal as a new Partner in the firm’s assurance and advisory division.

RSM appointments new Audit Partner

RSM Australia has announced the appointment of experienced auditor Louis Quintal as a new Partner in the firm’s assurance and advisory division.
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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.
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WA Local Government Act reforms: 6 key changes to financial management and reporting

WA Local Government Act reforms: 6 key changes to financial management and reporting

In early November, the Western Australian Government announced a series of proposed changes to the Local Government Act, resulting in a number of key changes to financial management and reporting. 
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Should NFP boards move away from the Carver Model?

Should NFP boards move away from the Carver Model?

Operating at the helm during a time that will undoubtedly make our history books, boards and their board of directors have faced significant challenges in the wake of a global pandemic.
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RSM strengthens audit practice with appointment of new Partner

RSM strengthens audit practice with appointment of new Partner

RSM has announced the appointment of experienced advisor Amit Kabra as a new Partner in RSM's audit and assurance services division based in Perth.
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WA government agencies: Climate-related risk disclosures in financial reporting

WA government agencies: Climate-related risk disclosures in financial reporting

The old adage “sunlight is the best disinfectant” is very apt when it comes to the growing need for more complete and consistent disclosure of climate-related risks in the financial reports of Western Australian (WA) Government agencies, and government trading enterprises (GTEs). 
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New requirement to disclose Jobkeeper payments received by listed companies

New requirement to disclose Jobkeeper payments received by listed companies

Listed companies will have to disclose publicly the amount of JobKeeper payments received, how many employees the payments related to, and how much (if any) they returned to the government for each financial year.
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audit

Staying alert to the future of audit

People are only as good as the tools they possess. So, to consistently deliver high-quality auditing services, we are always investing in innovative auditing methods and tools. We keep our ear to the ground so we can closely follow the latest developments and share them throughout our network.
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Removal of Special Purpose Financial Statements - What you need to know

Recent changes to Australian Accounting Standards will mean that many for-profit entities have to prepare General Purpose Financial Statements (“GPFS”) for the first time, and are no longer able to prepare Special Purpose Financial Statements (“SPFS”).  In this article, we explain who is affected, and what the impact will be on those enti
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case study

Case study: Woodlea

Woodlea has had a clear goal for the last seven years: as a fully integrated master planned community, provide people in the west of Melbourne with wonderful, affordable homes, along with opportunities like employment, education, retail, commercial, and community services. THE CHALLENGE
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ASIC

ASIC further extends financial reporting deadlines

ASIC has extended the relief under which it is offering entities an additional month to lodge their financial reports.  Having previously allowed a one-month extension for 30 June year-ends, ASIC has now provided the same relief for all balance dates up to and including 7 January 2021.
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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.
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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.
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