An audit is a review of the annual accounts and is usually carried out by an independent person or party, or a firm of accountants who are also accredited auditors. The most common types of audits are usually related to various taxes such as GST and Payroll but can also be for other business areas such as Workers Compensation or Occupational Health & Safety. Additionally, certain organisations are required to be audited annually such as charities, and solicitors, real estate agents and business brokers where they utilise a trust account.)
Auditing is used to identify whether your business complies with accounting standards and relevant laws, regulations and government directions. Audits and can also be of benefit to a business by highlighting opportunities for improved accounting and financial systems.
If you have been notified of an enquiry or audit, adequate preparation should be undertaken by reviewing relevant records, tax returns and activity statements. There are many different types of audits which your business may have to conduct, this includes:
• Not-for-Profit and Charity Audits
• Tax Audits, including
o Capital Gains Tax Audits
o Goods and Services Tax Audits
o Payroll Tax Audits
• Trust Account Audits, including
o NSW Lawyers Trust Account Audits
o Real Estate Agent and Business Brokers Trust Account Audits
o Travels Agents Trust Account Audits
• Intellectual Property Due Diligence Audits
• Workers Compensation (Work Cover) Audits
If any mistakes are found in the audit paperwork, the Tax Office or regulatory body that deals with that particular area should be immediately informed of any errors that have been discovered. If the relevant authority is notified of any error before they give notification of an audit, the level of penalty that may otherwise have been imposed may be reduced.
If your business is required to carry out any one of the above audits contact us today for a free Audit Quotation Schedule!
Here at The Quinn Group our experienced team of accountants and auditors can assist you with all of your auditing requirements. We have extensive experience in conducting audits in many different areas and across a wide range of industries and types of business. For more information submit an online enquiry or call us on 1300 QUINNS (784 667) or on +61 2 9223 9166 to book an appointment.
