Assurance

Audit, Review and Compliance Services

Audit 

An audit provides the highest level of assurance, the primary objective of which is to develop an opinion on the fair presentation of the financial statements.

Wessels & Co utilises a risk-based audit approach to develop an audit strategy and comply with Australian auditing standards and objectives.

Our work includes gaining an understanding of your business, including internal controls, testing selected transactions and communicating with third parties. Based on our findings, we issue a report on whether the financial report is fairly stated and free of material misstatements. As part of the audit process, we will communicate to management and those charged with governance any deficiencies in internal controls as well as make recommendations to strengthen your company’s operational efficiency.

Our audit and review experience

We have experience in performing audits and reviews for a wide range of entities including:

  • Large proprietary companies
  • Companies limited by guarantee
  • Incorporated associations
  • Trusts
  • Self-managed superannuation funds

Our experience includes audits and reviews conducted for entities that are required to report under the Australian Charities and Not-for-profits Commission Act 2012.

Review  

The objective of a review engagement is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with the applicable financial reporting framework.

A review is less extensive than an audit, but more involved than a compilation engagement.  A review engagement consists primarily of analytical procedures and enquiries of management.  If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review does not entail an in-depth evaluation of the entity's internal controls or verification of data with third parties.

Our compliance experience

Our experience with compliance engagements includes:

  • Trust audits for solicitors and accountants
  • Outgoing audits 
  • Grant audits

Compliance

A compliance engagement assesses whether your business has adhered to specific requirements that may be set out in legislation, agreements or contracts. There must be suitable criteria against which compliance can be measured. The criteria will vary depending on the nature of the applicable requirements.

When undertaking a compliance engagement, the objectives of the auditor are to obtain assurance about whether the specified requirements have largely been complied with. A compliance engagement can be undertaken either as a “reasonable assurance” service,
which will be quite extensive to report a positive opinion, or a “limited assurance” service, for which there are different types of procedures allowing the auditor to report that nothing has come to their attention to suggest non-compliance.