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If you have an Australian Financial Service Licence (AFSL), you might be aware that some of the documents you signed as part of your audit last year were a little different. This is because ASIC has amended the AFSL engagement audit report (Form FS71), not only once, but twice last year. The second amendment occurredRead more

Incorporated Associations Reporting Obligations Changes from 1 July 2016 We’ve all heard the old joke from the east “WA is an acronym for Wait Awhile” and we’ve all spared the statement a wry smile. The latest slow moving development for WA has finally arrived – changes to The Associations Incorporation Act 2015. Finally, Western AustralianRead more

ASIC cut red tape on auditor resignations and has recently released a relaxation of the rules governing consenting to a change in auditor. This newapproach will allow for a much easier transition from one auditor to the next for companies in Australia. The new guidelines mean ASIC will generally consent to an auditor’s resignation atRead more

So often it is the case that the ‘top end of town’ is furthest from ‘the coal face’. I’ve recently read a great example of exactly this point. To give you some context to the situation, a Melbourne mid-tier firm, GMK Partners, has recently merged with Big 4 accounting firm Deloitte, further reducing competition inRead more

MAKING THE MOST OF YOUR OPPORTUNITY PIPELINE My role as an audit partner means I have a duty to make an assessment of the going concern position of most my clients. This necessarily involves a peek at their cashflow forecast. It is possible that I have seen more of other people’s forecasts than 99% ofRead more

Cloud accounting and auditing The beginning of the end or just the same old story. Xero’s CEO, Rod Dury recently has commented that the inherent integrity within a cloud integrated system of accounting reduces the need for an independent audit. Could it be that cloud computing will spell the end of auditing altogether? Mr DuryRead more

  We all know it’s coming, it’s right around the corner. Your business is booming and time is scarce. You need an audit and you prepare yourself for the overtime that looms ahead. But it doesn’t have to be this way! There are steps you can take to minimise the impact an audit will haveRead more

When I finished high school and got my “O” level results (TEE to the very young), my Dad asked me what I planned to do.  When I said that I was not sure, as passing the exams was my priority, he frog-marched me to the offices of the large reputable accounting firm of Cooper BrothersRead more