About Our Audit Services

Collins & Co Audit are able to provide a comprehensive auditing service which can help provide you with clarity and a new sense of direction in your business. Auditing is a process which we are glad to be able to facilitate as we love to give businesses a comprehensive audit at a competitive price. Understanding the true position of your company is a crucial aspect of your financial reporting as it provides stakeholders, lenders, and staff members with clarity around your position.

Businesses may seek audit services for a wide range of reasons. Some businesses have a legal requirement to undertake audit and assurance services on an annual basis. We believe that all businesses stand to gain knowledge and insight into their operations when they receive audit and assurance services. Please see below if you are unsure if you require an audit from a legal perspective.

We believe that audit is the in-depth examination of the financial statements of an entity of which insight and a story can be drawn from. Obviously, there is a compliance aspect to audit, but when you get a Collins & Co audit, we go to every length to ensure that your business story is understood.

The purpose of an audit is for an external person to formulate an opinion based on information and figures about whether or not financial reporting reflects the true and accurate financial position of the entity at that date. The process is always thorough but fair. Collins & Co always ensure that audits are done in a respectful and inquisitive manner. Collins & Co always take the time to understand the story behind the numbers in order to verify your financial accounts. There are reasons why some things don’t quite go to plan in your business or why things are going unexpectedly well too. Gaining an insight into your inner working of your business will not only allow you to make better decisions but also allow you to have accuracy in your understanding of your processes and operations.

An independent audit is time to take a breath in your business and allow a financial professional to help clarify some key matters within your business. You will gain a better understanding of your own procedures and internal control, you’ll gain accurate and up to date financial statements but we think that you’ll get the most out of the insight into your own business that this will provide you with.

If your business or firm falls under any of the following laws, you may be required to seek audit and assurance services such as the services provided by Collins & Co

  • The Corporations Act 2001,
  • the ACNC Act 2012,
  • the various Associations Incorporations Acts,
  • Legal Professional Uniform General Rules,
  • Estate Agents Act 2020 and
  • APES 310.

Otherwise, you may need our audit and assurance services under these circumstances

  • The constitution or model rules of your entity may require an audit irrespective of what the relevant legislation requires
  • The bank may require an audit if they extended banking facilities to your entity
    Stakeholders such as owners/directors/investors may require an audit of their entity to know that their finances are being properly managed
  • The business looking to expand and grow and want to provide potential investors or funders with audited financial statements.
  • When the entity want to investigate certain aspects of their finances or financial procedures, i.e. agreed upon procedures or special engagements
  • Not for Profits Incorporated Associations Audits or Reviews
  • Not for Profits Companies Limited by Guarantee Audits or Reviews
  • Unlisted Public Companies Audits or Reviews
  • Large Proprietary Companies Audits
  • Small Proprietary Companies Audits
  • Foreign Owned Proprietary Companies
  • Real Estate Trust Account Audits
  • Legal Trust Account Audits
  • Accountant Trust Account Audits
  • Body Corporate Audits or Reviews
  • Outgoings Audits
  • Franchise Marketing Fund Audits
  • Grant Acquittal Audits
  • Turnover Audits
  • AFSL (Australian Financial Services Licensee) Audit
  • Due Diligence Reviews
  • Forensic Accounting Work

A NFP approached Collins & Co Audit to provide an audit of a child care centre.

As part of our audit, we performed a high level analytical review of child care payments receipts from the parents and child care subsidies (CCS).

We noticed that the receipts per the client’s MYOB software for parent child care receipts were approx. $56K below the amount of parent child care receipts recorded as receipts in the Child Care Management System.

The manual records showing the actual receipts from parents ( by Cash, EFT or Direct Deposit) were then reconciled with the parent receipts per MYOB for the last month of the financial year.

We noticed that some of the parents receipts in cash per the manual records did not appear in the MYOB receipts for that date or expected date range.

We notified the Committee of Management that there was a potential fraud problem in the Association.

An independent accountant were engaged to perform a forensic reconciliation/review of the receipts per the manual receipts records in comparison with the MYOB receipts.

The independent accountant found fraud of more than $200,000 over four years, which were committed by a long serving “trusted” employee.

The Association lodged a claim with their insurance company to recover some, but not all of the stolen monies. Criminal charges were laid against the employee involved.

Related Services to Audits

Call Now Button