Audit and Assurance

All directors of Australian companies will be required, by 30 November 2022, to obtain a Director Identification Number (DIN), to further tackle illegal phoenixing activities, promote good corporate conduct and increase accountability. It’s also proposed that the introduction of DIN’s for all directors will enable the Government to trace Directors...
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This article will explain why organisations require audits, identify the legislation that enacts those audits, and detail why you should consider getting an audit, even if it isn’t required by law. What is an audit? An audit is an examination of financial information/records, a process culminating in us giving an...
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Dear Special Purpose Financial Report Preparers – let me call you SPFRPs for short – it will be much easier. By now your accountant and/or auditor will be telling you that this coming FY21 reporting year is the final year that you can prepare such special purpose financial reports (SPFRs)...
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In March 2020, the Australian Accounting Standards Board approved the issue of AASB 2020-2  Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities and AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-profit Tier 2 Entities. This means that for periods beginning on...
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What is a not-for-profits entity? A not-for-profit entity, as its name suggests, is an organisation that does not operate for the profit, personal gain or other benefit of particular people (for example, its members, the people who manage the entity or their friends or relatives). An organisation can still be...
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A lot has been made about the impact of the change in Australian company reporting requirements. This is due to the abolition of the self-assessment of whether an entity is a reporting entity or non-reporting entity and its impact in adopting special purpose or general purpose financial statement reporting, particularly...
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