Our audit & assurance services, including Financial Statement Audits
, enable you to provide your investors, customers, creditors and regulatory agencies with accurate audited financial statements that will help solidify your reputation as a respectable and well-established organisation. These services provide additional information that will empower you to gain greater confidence in the performance and management of your entity. Our work is not only limited to fulfilling your statutory obligations and requirements for a Financial Statement Audit.
We apply a 360° approach and add value to your business by assessing your internal control, tax concerns and communicating the risks your entity may face. As part of our service, we will provide you with recommendations through our management letter points at the end of each audit assignment. Each audit and assurance project is individual and specifically tailored to fit a specific industry, ensuring quality, time and cost efficiency, clear and timely communication and of course, meeting all your deadlines. We offer our audit services with a warm, friendly approach and the assurance of quality with Big 4 experienced Directors overseeing a team of qualified auditors.
While we excel at Financial Statement Audits across various industries, we also have deep sector expertise to meet your specific needs. Here are some examples:
Aged Care
We understand the challenges and opportunities confronting the aged care industry – one of Australia’s fastest-growing industries.
Our aged care specialists can provide tailored external audit and assurance services for residential aged care facilities, retirement villages and independent living units.
Construction
Our sector experience spans external audit services for residential, commercial and industrial building and construction entities. We also provide external audit services to large, private groups of engineers. We have the expert know-how and capability to deliver services for small to large clients – our largest external audit client in the construction industry has over 350 subsidiaries and is a major builder in the Western Sydney basin.
Manufacturing
Our audit specialists have extensive experience in the provision of external audit services for a range of manufacturing industries. We can support small businesses through to large enterprises as evidenced by the $220m annual turnover of our largest manufacturing client.
Not-for-profit
Audit requirements for not-for-profit organisations are driven by a number of factors. There are some common requirements between ACNC, ASIC and the State and Territory regulators and the requirements vary depending on annual revenue. We conduct external audits for a range of not-for-profit such as:
- NDIS providers
- Independent schools K-12
- Charities – those with annual revenue of less than $1 million can choose to have the financial statements audited or reviewed.
- Government and funded entities – many grant-funded not-for-profits will be obliged by their funding agreement to conduct an annual audit. Some organisations may have a requirement for an audit specified in their constitution or rules.
- Registered clubs
- Religious organisations including incorporated association
Internal Audit
As part of an internal audit, we provide an objective, assurance and consultancy type of engagement, with a primary purpose to add value and improve on an entity’s operations whether it be a corporate, not-for-profit etc. An internal audit can assist an entity to accomplish its strategic goals by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of governance standards, risk management and control. We help Board/Directors/Committee Members, as well as senior management staff better manage the organisation’s risks. Our vast understanding of risks and areas of operational improvement across various sectors including no-for-profits (such as aged care or local councils) help improve their internal audit functions. This brings about added value to their respective entities. Utilising innovative technologies, our highly knowledgeable staff will align you with a solid financial foundation.
Due Diligence
You may be expanding, setting up a new business, or purchasing an existing business. In any of these cases, a clear and insightful assessment of significant risks and opportunities is essential for success. You need an experienced team with vast audit experience across various industries, be it aged care, manufacturing, construction – whatever industry you are in. We provide an expert financial and tax due diligence service to give you insight to make your business decisions. The business’ existing financials may not be audited and reliance may be questionable, therefore we offer auditors who will ensure that the numbers compiled do stack up. We will lay out key assumptions including identifying issues for negotiation, providing what the business seller is asserting and identifying opportunities and problems. By using excellent technical models and a proven methodology to give you a better understanding of the risks and opportunities in your acquisition.
Superannuation
Our team of highly skilled SMSF auditors perform seamless, fully integrated audits using caseware with a particular emphasis on ‘user friendliness’. We work with our clients (including Accountants and fund administrators) to ensure their expectations are met as it relates to customer service, price and quality. The the benefits of the DFK Laurence Varnay SMSF audit services are:
- We deliver audits with a quick turnaround
- We offer competitive pricing (depending on the size of the SMSF)
- Our auditors are ASIC approved with over 2 decades of experience
- We utilise cloud technology and efficient processes in house to negate the requirement for offshore outsourcing of our audit work
