Financial Statement Audit

When do you need an audit?

Many organisations require the highest level of assurance, which only a full independent audit can provide. Their needs are driven by legislative and regulatory stipulations, especially those pertaining to charities and other Public Benefit Entities (PBEs). Audits may also be specifically required under an organisation’s founding documents, its current constitution or rules, or otherwise as a condition imposed by outside funders or lenders.

In these circumstances, an audit is mandatory. However, there are also many reasons why an organisation may consider an audit even when it is not strictly required to do so.

Voluntary audits can often support good governance practices, enhance management confidence in financial reporting, and provide reassurance to investors. An audit can also assist in building a credible financial history, which is particularly valuable for organisations planning future growth, seeking further funding, or planning a potential sale.

If any of these circumstances pertain to your organisation, let us know and we will reach out to get the ball rolling immediately.

Our approach is fine-tuned

Our risk-based audit approach follows all current New Zealand auditing standards (ISAs (NZ)). We begin with a few simple audit questionnaires to help us gather the information we need to form a basic understanding of your organisation and its circumstances. We then examine your system of internal controls and governance practices, which enables us to assess your organisation’s overall risk profile. From there, we target key risk areas, focussing our substantive test procedures where they matter most.

Where significant problems and internal control weaknesses are identified, our goal is always to work constructively with you to correct the issues and strengthen your reporting moving forward. We are here to help.

Our audits conclude with a detailed management report, highlighting key audit matters, our assessment of internal controls at the end of the audit process, the outcome of any discussions and disagreements, as well as our intended audit opinion. Our final audit report then follows.

What our audit process looks like: