Statutory Audit

Financial Statements Audit

The overall objective of a financial statement audit of an entity is to gather and evaluate audit evidence of sufficient quality and quantity in order to express an opinion to the members of an organisation as to whether a financial report is free of material misstatement.

In conducting a financial statement audit we perform procedures to assess whether the financial report presents fairly a view which is consistent with our understanding of the financial statements. The process includes ensuring that the financial statements are presented in accordance with the legislation that is relevant to the type of organisation being reviewed and Australian Accounting Standards.

WalterTurnbull's approach to audit engagements is essentially a "top-down" approach which commences with an analysis of the client's industry and its organisational structures, and works down through to the testing of transactions and balances. All phases of our audit approach involve input from senior personnel to ensure significant issues and material discrepancies are properly identified and brought to the attention of management.

Trust Account Audits

The overall objective of the audit of a Trust Account is to evaluate in accordance with Australian Auditing Standards whether there is reasonable assurance whether the Trustee of a Trust Account has complied with the requirements of the a relevant State Act for Real Estate Agents or Solicitors and APS 10 for members in public practice.

In conducting Trust Account audits we perform procedures including an examination on a test basis, of the transactions of each Trust Account to assess whether the requirements of the relevant Act or guidance is being adhered to by the Trustee.

Grant Aquittals

Generally the overall objective of a grant acquittal audit is to provide assurance to the grantee that Grant Conditions have been compiled with and expenditure incurred is in accordance with the grant agreement, including any special conditions and payment requirements.

The requirements for every grant can be varied and are usually contained in a Grant Agreement between the provider of the grant and the grantee. WalterTurnbull find that it is better practice that the conditions, including audit requirements and information requirements are formally agreed in writing prior to the release of grant funding.

In conducting a grant acquittal audit we perform procedures including an examination on a test basis, of transactions, to assess whether the requirements of the relevant Grant Agreement or grant conditions have been adhered to by the grantee. We then provide a report which includes our assessment of whether a grant acquittal report presents fairly a view which is consistent with our understanding of the grant agreement or grant conditions

We have significant experience in the provision of Grant Acquittal audits within both the government and private sector and have conducted reviews and developed better practice grant procedures for a number of government agencies.

We perform grant acquittal work on behalf of government agencies who have provided grants in order to provide them with assurance that the grantee is complying with Grant Agreements. We also perform grant acquittal audits for organisations who are required to report under a grant agreement as to whether they have expended grant funds in accordance with this Grant Agreement.

Workers Compensation Audit

All employers are required by law to have a workers compensation insurance policy. On an annual basis employers are required to provide to their insurance company a wages declaration which includes:

• the actual number of workers employed for a period;
• the actual wages paid to workers in the period; and
• an estimate of wages to be paid to workers and the number of workers for the next reporting period.

The overall objective of the audit of the wages declaration is to provide assurance that a correct and accurate calculation of assessable remuneration is included in the wages declaration.
Workers compensation legislation also gives insurance companies a legal right to access an employer’s wages records. This review of an employer’s wages records is called a ‘wage audit’. Employers are required to cooperate with these inspections. In particular, they must cooperate in making arrangements for the inspection to take place within a reasonable time after an initial request. WalterTurnbull have significant experience in performing such audits on behalf of a number of insurance companies.

Clubs

WalterTurnbull have significant experience within the licensed club industry.  This experience has been gained over the last 14 years within both NSW and the ACT, including the provision of external audit services to over 25 organisations.

For Profit

WalterTurnbull have significant experience in relation to the audit of for profit organisaitons under the Corporations Act. This experience has been gained over the last 14 years. Our experience includes the provision of external audit services to over 20 organisations.

Government

WalterTurnbull have significant experience within the Federal. This experience has been gained over the last 14 years. Our experience includes the provision of external audit services to over 20 organisations.

Not for Profit

WalterTurnbull have significant experience in relation to the audit of Not for Profit organisations under the Corporations Act and Associations Act. This experience has been gained over the last 14 years. Our experience includes the provision of external audit services to over 30 organisations.