Audit and Assurance
At ECORAC, we believe that financial integrity is the cornerstone of business success.
Our audit and assurance services are designed to help organisations confidently navigate the complexities of today’s reporting requirements. We are committed to ensuring the accuracy, transparency, and compliance of financial statements with the relevant frameworks, empowering organisations to meet regulatory requirements while building lasting trust with stakeholders.
We provide technical audit and assurance expertise to professional services firms, Auditor-General Departments, not-for-profit organisations reporting to the ACNC, ASX-listed entities and corporates. Our team provides technical updates at workshops for professional service firms and Auditor-General Departments.
Quality Assurance Reviews – Professional Service Firms and Auditor-General Departments
ECORAC provides quality assurance reviews to Auditor-General Departments and professional service firms. Findings and observations are provided for each file review undertaken, allowing a firm to identify common themes and address any significant deficiencies.
A firm’s audit quality program incorporates quality assurance reviews to uphold high standards. These reviews involve at least one audit from each engagement leader (Partner, Director or senior person responsible for audits), to be reviewed by an independent, experienced auditor. Quality assurance reviews can occur post-audit (closed engagement file) or during the audit process before the auditor’s report is signed (open engagement file). The review’s purpose is to identify and address the root causes of significant deviations from standards, resolve any findings that may compromise audit quality, and provide training and guidance to staff to remediate deficiencies identified.
Professional services firms must comply with ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information (ASQM 1). ASQM 1 requires a firm to develop a quality management system tailored to their specific characteristics and the types of audit and assurance engagements it performs. ASQM 1 emphasises achieving audit quality by requiring a firm to evaluate the effectiveness of its quality management system annually. Firms must remediate deficiencies identified to maintain compliance.
Audit and Assurance – Not-For-Profit entities and AFS Licensee entities
With extensive experience collaborating with finance teams, ECORAC takes a proactive approach in providing audit and assurance services. We have serviced a wide variety of clients including numerous not-for-profit organisations, Australian Financial Service Licensee entities (AFS Licensees), community organisations and sporting clubs, grant funded organisations, charitable foundations, solicitors, and real estate agents.
We provide audit and assurance services to AFS Licensees and have customised our audit approach to meet ASIC’s strict lodgement deadlines. Our process works seamlessly with AFS Licensees, their accountants, and compliance managers. Entities holding an AFS Licence must lodge their FS 70, along with their audited financial statements and FS 71, by either 30 September or 31 October, depending on the type of entity.
Our approach to the audit of not-for-profit organisations, sport-related organisations, and member-based organisations (predominantly funded via membership fee base and government grants) involves working with and understanding our clients’ mix of revenue streams and the systems and processes supporting them. We are committed to gaining a deep understanding of our clients’ operations and business activities, ensuring our audits align with their specific needs.
Our technical experience includes:
- Registered Company Auditor with experience in auditing entities ranging from listed, unlisted, large private, and AFS Licensee entities
- Preparation of financial information for the purposes of lodging financial statements with Regulators (including ACNC, ASIC and ASX)
- Energy, water, and waste auditing
- Conducting training workshops in both financial and sustainability reporting
- Appointed Lead Inspector for the Clean Energy Regulator (CER)
- Quality Reviewer for Chartered Accountants Australia and New Zealand
- Inspector and Quality Assurance Reviewer for Auditor-General’s around Australia