Risk & Compliance

Compliance Audits, Advisory & Regulatory services in Melbourne

In today’s ever-changing regulatory environment, organisations are challenged to keep up with complex regulatory changes and must work to integrate these changes into their business structures.

Our WWA team has the expertise to guide you through these challenges to ensure your organisation remains compliant with all applicable regulations.

Our solutions and services include:

  • Australian Securities and Investments Commission (ASIC) financial service licences
  • Australian Prudential Regulation Authority (APRA) prudential requirements
  • Australian Charities and Not-for-profits Commission requirements
  • Trust audits for solicitors and real estate agents

Internal Audit

The role of an internal audit is to support management by providing an independent opinion on the effectiveness of internal control process and procedures that are in place to comply with statutory laws and regulations, and achieve organizational goals and outcomes.

We aim to deliver innovative solutions that are tailored to your needs and allow you to improve your risk management controls and support you in decision making. Our experienced team will support you in the design of key controls, processes and systems as well as assist you in the implementation of best practice recommendations across your organisation.

We provide the following internal audit services:

  • Full service outsourced internal audit – Leverage the in-depth expertise of our team to provide you with independent internal audit services.
  • Co-sourced internal audit – Your in-house internal audit function can benefit from our team’s experience, skills and vast industry knowledge.

Internal Audits are often perform for the following purposes:

  • Evaluate and improve business financial and operational performance
  • Pinpoint business deficiencies
  • Evaluate strategic and corporate planning practices
  • Evaluate board and sub-committee performance and charters
  • Devise a fraud-resistant structure
  • Appraise complaints and allegations

Areas of business that could be assessed include:

  • Financial Reporting systems
  • Information Technology systems
  • Human resource management
  • Supply chain management
  • Contract management
  • Business risk management
  • Culture and ethics
  • Internal control environment
  • Policy and procedures
  • Corporate governance

Probity Advice & Assurance

WWA provides probity advice on tender and transaction processes as well as independent audit opinions to provide you with the assurance that your tender and transaction processes are equitable and fair. We will help your organisation assert the integrity of your tender processes and help maintain stakeholder confidence in specific processes.

Our experienced probity team will also work with you to ensure your policies, procedures and probity frameworks are consistent with guidelines, best practice principles as well as relevant laws and regulations.

Governance & Risk Advisory

Today’s dynamic business environment has triggered various new internal and external risks as well as tighter regulations and Environment, Sustainability and Governance (ESG) standards. A comprehensive understanding of the existing and emerging risks and regulations that may impact your organisation is fundamental to navigating through this everchanging risk environment.

Our specialist team will work with you to identify specific risks that apply to your organisation and devise strategies to manage and mitigate those risks based on your risk appetite and corporate strategy. We will examine your current corporate governance frameworks, structures and practices, and work together with you to ensure that they are comparable to industry best practices.

Risk Management

Risk is an inherent component of business and without careful management may lead to significant financial and reputational loss. All businesses face constant pressures and influences that can make their ability to accomplish organisational objectives uncertain.

This uncertainty exposes businesses and their processes, operations and plans to risk. This is where attaining risk management advice can help, assisting businesses in detecting, prioritising and assessing such risks, and suggesting how to use available resources to reduce, observe and manage the likelihood and the impact certain events may have on a business.

At, Walker Wayland Advantage we aim to assist our clients in appropriately managing their strategic and operational risks to enable them to grow rather than be constricted. Our team has experience across a myriad of industries and will be able to provide you with tailored advice based on your unique risks and risk appetite. We will help you gain a deeper understanding of your risks and assist in the development of risk management systems and programs to ensure you are equipped to respond to such risks as and when they arise.

Benefits to following Risk Management advice include:

  • Improve the likelihood of achieving business goals
  • Instigate proactive management
  • Better determine opportunities and risks
  • Improve financial reporting
  • Improve organisation resilience
  • Comply with applicable legal and regulatory obligations
  • Improve decision making and planning
  • Help implement best corporate governance practices

Controls Assurance

Controls assurance is a crucial component of a robust risk management framework as it assesses whether organisational controls are designed and operating adequately.

WWA’s control assurance services aim to provide management with insights into the following:

  • Adequacy of controls in place to prevent and mitigate key business risks
  • Weaknesses in controls as a basis of making improvements
  • Ability of key processes in providing reliable reports to enable management decision making
  • Effectiveness of your existing risk management framework

Corporate Governance Advisory

In recent years, there have been many new laws and regulations introduced that challenge Boards and management to be more accountable,transparent, objective and professional. The ASX Corporate Governance Council’s release of the 4th edition of its Corporate Governance Principles and Recommendations as well as the establishment of the Corporate Regulator’s Corporate Governance Taskforce is a clear indication of the importance of good corporate governance now more than ever.

WWA has extensive experience and expertise in delivering corporate governance solutions. Our team will support you in:

  • Understanding your obligations and compliance risk profile
  • Navigating a wide range of compliance and governance issues
  • Establishing, reviewing and improving governance structures and frameworks that are robust, effective and outcome focused
  • Instilling a culture of integrity and ethical business practices across your organization

Frequently Asked Questions

The purpose of internal audit financial services is to provide business owners with objective and independent assurance, with the goal of improving a business’s operations.

External auditing services are conducted by a financial firm that is independent of the client and will objectively provide financial information for their client. Internal audit financial services are carried out by an employee of the business that is being audited.

The length of time it takes to complete internal audit financial services will vary depending on the scope of the audit and the size of the department of the business that’s being audited. Contact Walker Wayland Advantage to get an estimate of how long our internal audits in Melbourne might take.


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    Martin Phelan and Phil McIsaac  Melbourne Tax Accountants and Business Advisors
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