Financial Statements Audit
What is an Audit?
An audit is the examination of the financial report of an organisation – as presented in the annual report – by someone independent of that organisation. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
The purpose of an audit is to form an opinion on whether the financial report, taken as a whole, presents a true and fair view of an organisation’s financial position, performance, and cash flows for a given period.
When examining the financial report, auditors must follow auditing standards which are set by a government body. Once auditors have completed their work, they write an audit report, explaining what they have done and giving an opinion drawn from their work. Audit requirements vary depending on the organisation’s structure, size, and applicable laws. For example, many entities governed by the Corporations Act may have an annual audit, while others may require or request audits due to ownership arrangements or specific purposes.
How HongShine can help you
A common concern among businesses is uncertainty about whether they are required to undergo an audit for compliance purposes. We assist clients in understanding their specific obligations, helping them determine if an audit is necessary and guiding them through the process accordingly. We determine the type and extent of audit procedures required based on the risks and controls identified. These procedures may include:
- Examining financial and accounting records, other documents, and tangible items such as plant and equipment
- Watching certain processes or procedures being performed
- Asking a range of questions – from formal, written questions to informal, oral questions – of a range of individuals in the organisation
- Obtaining written confirmations of certain matters – for example, sending a confirmation request to a borrower to verify loan balances
- Review internal controls and recommend for improvements if weakness identified
- Checking judgments on significant estimates or assumptions that management made when they prepared the financial report
Our auditors maintain independence from management and directors so that tests and judgments are made objectively. We will discuss the scope of the audit work with the organisation, and the directors or management may request that additional procedures to be performed.
How it works
1
Send your request to us
By using the contact details listed on our website, your information and request will be sent directly to us.
2
Our team will contact you
Our Customer Success team will contact you within a few business hours.
3
Match with a Partner
4
Discovery meeting
See our range of Financial Statements Audit Servies
Statutory Audit
Special Purpose Audit
Agreed-Upon Procedures (AUP) Engagements
Financial Statement Review Engagements