Audit & Assurance
Our audit and assurance advice help you understand the impact of business and operational risks on financial reporting and how to implement a disciplined approach to risk management and governance processes. Personal involvement by our audit team are a feature of our service, and you can rest assured that you will have at least three points of contact.
How we work
Our focus is to understand your business and the risks you face before developing an independent audit and assurance framework tailored to your needs. We go beyond standard compliance reviews to look for areas for improvement in your business' financial reporting controls, processes and corporate governance practices.
We have experience in the audit of all types of organisations and business structures, including ASX listed companies, unlisted public companies, subsidiaries of foreign organisations, and large privately-owned businesses. We also audit not-for-profit organisations such as charities, foundations, professional associations and clubs.
We undertake regular reviews of our audit processes to ensure best practice, while providing the most cost-effective procedures. This includes the use of the latest computer assisted audit software.
AIFRS advice / Due diligence / External audit / Fraud prevention / Internal audit /
Internal control advice / Risk profiling and management / Special reviews
We understand the complex areas of accounting and have the expertise and tools to audit these. A client in a high growth phase completed an acquisition on the last day of their financial year from which significant amounts of intangible assets and goodwill arose.
On short notice we were able to quickly develop an understanding of the transaction and develop an audit strategy to ensure the business combination was recorded correctly and provide support for application of accounting standards and the appropriate recognition of intangible assets and goodwill from the acquisition
We reviewed and assessed goodwill and intangibles for impairment to ensure that treatment is in accordance with Australian Accounting Standards. As part of this requirement we reviewed the assessment prepared by management for impairment indicators, analyse inputs in the calculation and stress tested to ensure conclusions on the appropriate valuation of recognised goodwill are supported by these calculations. We also reviewed to ensure correct disclosure in the financial statement.
As a financial audit requires effective communication, it is important that this starts from the initial planning stage. We sourced a new client during the year and both the audit partner and manager met with the directors and senior staff to gain a detailed understanding of the business. This allowed us to develop a clear picture of the business, the people involved and discuss risks and key areas that could be a focus of the upcoming audit. In this case it highlighted a key area of risk around overseas imports and foreign exchange. We were able to further analyse this issue early in the audit process to ensure accounting for these transactions was managed correctly and reduce any potential delays in the year end audit process.
Due to having significant sized warehouses in multiple states, each required audit attendance at their annual stocktakes. Our network of trusted resources within Walker Wayland ensured this could easily be achieved through the co-ordination of staffing from network offices to attend on the same date.
This business has both internal accountants and utilises an external Chartered Accountant to assist with yearend reporting. We were able to develop strong relationships with people within the business and the external advisors to ensure a timely flow of information and open lines of communication. This ensured that all deadlines could be met for filing with ASIC and reporting to the Directors and financiers.