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.

Recognition of peppercorn leases deferred

The Australian Accounting Standards Board (AASB) has postponed the requirement for not-for-profit entities to bring peppercorn leases into their financial reports at fair value, having been made aware of the difficulty and cost constraints of determining the fair value of properties subject to such leases.

Scrutiny of new accounting standards – inaction not tolerated

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

Case Study: Hansen Technologies

Hansen Technologies (Hansen), an ASX 300 listed entity, is a leading global provider of customer care, billing software and data management systems.

Guide to Convertible Debt

Convertible debt continues to be a challenging area for financial statement preparers.

New requirements for Significant Global Entities

There are new requirements for Significant Global Entities to prepare General Purpose Financial Statements. Recent guidance from the ATO has clarified the effect of changes made last year to Section 3CA of the Tax Administration Act 1953. 

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.