{"id":11076,"date":"2025-05-04T17:06:08","date_gmt":"2025-05-04T07:06:08","guid":{"rendered":"https:\/\/mnygroup.com.au\/?page_id=11076"},"modified":"2025-05-04T17:06:08","modified_gmt":"2025-05-04T07:06:08","slug":"audit","status":"publish","type":"page","link":"https:\/\/mnygroup.com.au\/en\/our-services\/audit\/","title":{"rendered":"Audit and Assurance Services for Businesses"},"content":{"rendered":"
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Home<\/a> \/ Audit and Assurance Services for Businesses<\/div>\n\n<\/div>\n\n
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Audit and Assurance Services for Businesses<\/h1>\n

Independent Insight. Trusted Assurance\nWe deliver audit and assurance services that support reliable financial reporting, meet regulatory obligations, and contribute to sound governance. With experience across listed entities, private groups, and not-for-profit organisations, our team performs audits and assurance engagements in accordance with Australian and international standards.<\/p>\n<\/div>\n\n\n\n

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Core Audit Services<\/h2>\n

We provide independent audit and assurance services across a wide range of organisations \u2014 from listed companies and large private groups to family-run enterprises and community organisations. Whether driven by statutory requirements, stakeholder expectations, or governance needs, our audits are conducted with a strong focus on risk, transparency, and practicality. Our core services include external audits, private business audits, and internal audit functions tailored to each client\u2019s operations, industry, and reporting obligations.<\/p>\n<\/div>\n\n\n\n

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Public Entity Audit<\/h3>\n

We conduct independent audits for listed companies, large private entities, and not-for-profit organisations to meet financial reporting and regulatory compliance obligations.<\/p>\n

Our services include:<\/p>\n

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  • Statutory audits in accordance with AASB and IFRS<\/li>\n
  • Compliance with ASIC, ASX, and other regulatory bodies<\/li>\n
  • Audit committee and board-level reporting<\/li>\n
  • Special purpose audits and agreed-upon procedures<\/li>\n
  • Cross-border audit coordination and group consolidations<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n<\/div>\n<\/div>\n\n
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    Private Business Audit<\/h3>\n

    Private entities require audit solutions that reflect their ownership structures, reporting frameworks, and operational risks.<\/p>\n

    We assist with:<\/p>\n

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    • Financial audits for SMEs, family businesses, investment groups, and trusts<\/li>\n
    • Preparation of special purpose financial statements under applicable exemptions<\/li>\n
    • Audit reporting aligned with investor, lender, or partnership requirements<\/li>\n
    • Independent audits to support sales, restructures, or capital raising<\/li>\n
    • Financial due diligence for mergers, acquisitions, and equity transactions<\/li>\n<\/ul>\n<\/div>\n\n\n\n
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      Internal Audit and Risk Advisory<\/h3>\n

      We support businesses in developing or strengthening their internal audit capabilities, focusing on governance, internal control, and risk management.<\/p>\n

      Our services include:<\/p>\n

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      • Review and testing of internal control systems<\/li>\n
      • Development of risk-based internal audit plans<\/li>\n
      • ESG, operational, and regulatory compliance audits<\/li>\n
      • Reporting to boards, audit committees, and senior management<\/li>\n
      • Co-sourced or fully outsourced internal audit delivery<\/li>\n
      • Design and implementation of first-time internal audit functions<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n<\/div>\n<\/div>\n\n
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        Regulatory and Licensing Audits<\/h2>\n

        We conduct audits required by licensing authorities and industry regulators across a range of sectors, ensuring compliance with specific statutory frameworks.<\/p>\n

        Our services include:<\/p>\n

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        • Real Estate Agent Trust Account audits<\/li>\n
        • Settlement Agent Trust Account audits<\/li>\n
        • Motor Vehicle Dealer Trust audits<\/li>\n
        • Strata Title and Outgoings audits<\/li>\n
        • Other compliance audits required by state or federal regulation<\/li>\n<\/ul>\n<\/div>\n\n\n\n
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          AFSL Audits<\/h3>\n

          We perform audits for Australian Financial Services Licensees (AFSL) to assess compliance with obligations under the Corporations Act 2001, ASIC licensing conditions, and the Financial Services Reform framework. Our work includes both financial reporting audits and reviews of control systems to ensure continuing compliance.<\/p>\n\n<\/div>\n<\/div>\n\n

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          Audit of Not-for-Profit Organisations and Associations<\/h2>\n\n\n\n
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          Not-for-profit entities and associations operate in highly regulated environments governed by the ACNC, Corporations Act, and various state-based legislative frameworks. We provide independent audits that enhance credibility, support funding applications, and strengthen governance.<\/p>\n

          Our services include:<\/p>\n

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          • Annual audits in accordance with ACNC and state-based regulatory requirements<\/li>\n
          • Financial statement audits for incorporated associations<\/li>\n
          • Grant acquittal audits and donor-specific funding reviews<\/li>\n
          • Internal control assessments designed for NFP operational contexts<\/li>\n
          • Detailed board and management reporting to support financial oversight<\/li>\n<\/ul>\n

            We work across diverse NFP sectors including aged care, disability services, religious organisations, sporting clubs, education providers, and membership-based associations.<\/p>\n<\/div>\n<\/div>\n\n<\/div>\n<\/div>\n\n

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            FAQs about Audit and Assurance services<\/strong><\/h2>\n\n\n\n

            What does audit and assurance do<\/strong>?<\/h3>
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            Audit and assurance services provide independent evaluation of an organisation\u2019s financial reports, operational processes, and compliance frameworks. By delivering objective insights, these services enhance the credibility of financial information presented to stakeholders and regulators. In addition to satisfying statutory obligations, audit and assurance engagements support stronger governance structures, assist in risk identification, and promote sustainable business practices.<\/p>\n<\/div><\/div>\n\n\n\n

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            What is the main difference between audits and assurance?<\/strong><\/h3>
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            Audits represent a specific form of assurance engagement where financial statements are subjected to a detailed, systematic examination, resulting in a high level of assurance. Assurance engagements, however, encompass a broader spectrum \u2014 they may involve reviews of financial data, risk assessments, or compliance checks, and can deliver either reasonable or limited assurance depending on the agreed scope. In essence, all audits are assurance services, but not all assurance services are audits.<\/p>\n<\/div><\/div>\n\n\n\n

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            Are audits mandatory in Australia?<\/strong><\/h3>
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            Audit requirements in Australia vary depending on the type, size, and structure of the entity. Public companies, large proprietary companies, and certain not-for-profit organisations are required by law to undertake annual audits. Smaller proprietary companies typically are not mandated to audit unless specifically requested by ASIC or shareholders. Given the complexity of regulatory frameworks, it is recommended that businesses seek professional advice to confirm their audit obligations under current Australian legislation.<\/p>\n<\/div><\/div>\n\n\n\n

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            How much do audit and assurance services cost for businesses?<\/strong><\/h3>
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            The cost of audit and assurance services is influenced by multiple factors, including the size of the entity, complexity of operations, regulatory requirements, and the condition of internal records and controls. Every business is unique, and as such, engagement scopes are tailored accordingly. To obtain a personalised, obligation-free quote suited to your organisation\u2019s needs, we encourage you to enquire with our team.<\/p>\n<\/div><\/div>\n\n\n\n

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            Should I outsource audit and assurance for my business?<\/strong><\/h3>
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            Outsourcing audit and assurance functions to an independent, professional firm provides clear advantages. It reinforces the independence and objectivity of reporting, meets governance expectations, and gives access to specialist expertise that may not be available in-house. An external auditor can also identify operational risks and opportunities for improvement, delivering added value beyond compliance. Many businesses find that outsourcing enhances transparency and stakeholder confidence.<\/p>\n<\/div><\/div>\n\n\n\n

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            Can my account be my auditor?<\/strong><\/h3>
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            In many cases, using the same accountant for both preparing financial statements and conducting an audit may create a conflict of interest, which is inconsistent with the independence requirements under Australian auditing and ethical standards. Whether an accountant can act as an auditor depends on the type of audit and the specific legislative or regulatory requirements set by the Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC), state-based authorities, or other relevant bodies. We recommend seeking professional advice from MNY Group Chartered Accountant to assess your situation and ensure compliance with applicable Australian laws and professional standards.<\/p>\n<\/div><\/div>\n\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":6304,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-11076","page","type-page","status-publish"],"_links":{"self":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/pages\/11076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/comments?post=11076"}],"version-history":[{"count":0,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/pages\/11076\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/pages\/6304"}],"wp:attachment":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media?parent=11076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}