Audit services
Independent audit for corporations under $5 million
We audit Aboriginal and Torres Strait Islander corporations with income below $5 million — for corporations we do not otherwise act for. If we do your accounts, we cannot audit them, and if your income is above the tier we are not eligible. Both of those are stated up front so you are not wasting your time.
We can audit
- Small corporations with income between $100,000 and $5 million
- Medium corporations with income under $5 million
- Corporations we do not do accounting or bookkeeping for
We cannot audit
- Large corporations
- Any corporation with income of $5 million or more
- Any corporation whose accounts we prepare
Your accountant or your auditor
We act as your accountant or as your auditor — never both for the same corporation. Independence is what makes the audit worth having.
This is not a technicality. An audit exists so that members, funders and the Registrar can rely on the numbers — and that reliance comes entirely from the auditor being someone other than the people who produced them. A firm offering to do both for the same corporation is offering something worth less than it sounds.
So when you approach us, the first question is which role you need. Both are real services here; you simply cannot have both from us.
Why we are eligible below $5 million
Boards are often told, flatly, that a CATSI corporation must be audited by a registered company auditor. That is true above the $5 million tier. Below it, the Registrar’s own guide permits a wider group — a CPA or fellow of CPA Australia, a chartered member or affiliate of CA ANZ, or a member or fellow of the Institute of Public Accountants.
That matters most in remote areas, where corporations can spend months failing to find an auditor they did not actually need. If that is your situation, it is worth checking which tier you are in before continuing the search.
Checked against ORIC — Corporation reporting guide (June 2020), .
Above the tier? We’ll say so.
Large corporations, and any corporation with income of $5 million or more, need a registered company auditor, an audit firm with one, or an authorised audit company. That is not us, and we will tell you so rather than take the work.
We would rather lose an enquiry than take an engagement we are not permitted to perform. If you are unsure which side of the line your corporation sits on, the reporting checker will tell you in about thirty seconds.
What an audit involves
An audit is an independent opinion on whether the financial report presents the corporation’s position fairly. In practice, for a corporation your size:
- We check independence first — including that we do no other work for the corporation.
- You appoint us, and ORIC is notified within 14 days. That is the corporation’s obligation, and we will remind you.
- We plan around your grant funding, because that is usually where the risk sits in a corporation’s accounts.
- We test and ask questions — your accountant supplies the records and explanations.
- We report, and where we cannot give a clean opinion we explain plainly to the board what would need to change.
Timing matters more than boards expect. Reports are due within 6 months of your year end, and the audit cannot start until the accounts are finished. Appointing an auditor in November for a 31 December deadline is how corporations end up lodging late.
What it costs
To be completed — CONTENT-CHECKLIST §3
Audit fee ranges go here. They cannot be published until the professional-indemnity position is confirmed and the partners have set pricing — and a fee stated before then would be a number we could not stand behind.
Frequently asked questions
Can you audit us if you already do our bookkeeping?
No. Independence is required under subdivision 339-D of the CATSI Act, and an accountant cannot give an independent opinion on their own work. We act as a corporation’s accountant or as its auditor, never both. If we already do your accounts, you need a different firm to audit them — and we will work with whoever you appoint.
Our income is over $5 million. Can you audit us?
No. Large corporations, and any corporation with income of $5 million or more, must be audited by a registered company auditor, an audit firm with at least one registered company auditor, or an authorised audit company. We are none of those, so we are not eligible and we will tell you so rather than take the work.
What qualifies you to audit at all?
The Registrar’s corporation reporting guide sets out who may audit at each size. For small corporations with income between $100,000 and $5 million, and medium corporations under $5 million, the audit may be done by a certified practising accountant or fellow of CPA Australia, a chartered member or affiliate of CA ANZ, or a member or fellow of the Institute of Public Accountants — as well as by a registered company auditor.
We are in a remote community and cannot find an auditor. Can you help?
Often, yes. Boards are frequently told they need a registered company auditor when, below the $5 million tier, a wider group is permitted — which can be the difference between finding an auditor and not. Most of the work is done remotely. If your corporation is above the tier we will say so, and point you toward firms that can act.
How long does an audit take?
It depends far more on the state of the accounts than on the audit itself. A corporation whose books are current and whose grant records are in order is straightforward. One reconstructing several years takes longer, and it is worth starting well before the lodgement deadline — remember reports are due within six months of your year end.
Do we have to tell ORIC we have appointed you?
Yes — the corporation must notify ORIC within 14 days of an auditor being appointed or resigning.