Brisbane Accountants and Business Advisors

Audit & Assurance

Audit

In this radically changing environment, independent and accurate external auditing is more critical than ever in helping determine efficient and effective capital allocation. Most would agree that recent headwinds – not the least being the COVID-19 pandemic – have created a heightened level of general uncertainty.

Financial Controls

The financial operations of small not-for-profits (NFPs) and charities are usually lean so that the entity can apply the maximum resources to its stated objectives. Implementing strong financial systems and controls with small staff numbers can be a challenge but not impossible by following a few basic principles.

In this radically changing environment, independent and accurate external auditing is more critical than ever in helping determine efficient and effective capital allocation. Most would agree that recent headwinds – not the least being the COVID-19 pandemic – have created a heightened level of general uncertainty. 

not-for-profit

The recent reporting season has seen many Not-For-Profits (NFPs) ask the question ‘what impact will the COVID-19 pandemic have on my financial statements?’ The pandemic has significantly increased levels of uncertainty in the economy coupled with inherent levels of uncertainty in financial reports, leading to uncertainty on uncertainty.

A Whistleblower Hotline provides a discreet method for the whistleblower to seek assistance which can ensure your business maintains its integrity and reputation.

As an investment tax credit is accounted for either as a government grant or as income tax or as both but alarmingly it falls outside the scope of both relevant accounting standards AASB 112 Income taxes and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance.

The ACNC Act states that the aim of the external conduct standards will be to give the public confidence that funds sent outside Australia by registered organisations are reaching legitimate beneficiaries and being used for legitimate purposes; and that both funds sent, and activities engaged in outside Australia will not contribute to terrorist or other criminal activities.

General provisioning of debtors was removed many years ago, never to return, or so we thought.

COVID-19

Asset values continue to be a key focus area for financial reporting regulators – and the negative impact of COVID-19 will mean that previously unaffected businesses will need to consider their asset values for the first time.

Asset values continue to be a key focus area for financial reporting regulators – and the negative impact of COVID-19 will mean that previously unaffected businesses will need to consider their asset values for the first time.