Some of our smaller clients can feel that an audit is a little excessive for their needs, but that they have no option but to have one. When we suggest having a review instead, we often get asked about the difference between an audit and a review. 这里有一个简短的解释.
肯定有 做全面审计的价值, as it is not just about compliance. 但是对于某些较小的实体, a review can reduce the cost and time involved in an audit and provide the appropriate level of assurance.
那么区别是什么呢?
回顾 提供了 有限的 保证而不是 合理金额 assurance, so in simple terms, a review reports on the plausibility of the financial statements.
审计 is the examination of the financial reports for an entity in order to determine whether the information presented reflects the financial position of the entity at a given date. 审计 aims to identify material misstatements in the financial statements and includes, 但不限于, misstatements resulting from fraud where reasonable suspicion exists. 审计 提供了 a reasonable level of assurance in the form of a positive statement such as ‘presents fairly’ or ‘presents a true and fair view’. 审计 does not give absolute assurance (as this would require testing every transaction which is impractical) but is the highest level of assurance provided by auditors. It involves detailed testing such as substantiating balances and evidence gathering.
回顾 on the other hand 提供了 only 有限的 assurance. The opinion given would be in a form such as ‘we have not become aware of any matter’ that the statements are not in accordance with the required frame工作. 回顾 involves less detail than an audit and involves more enquiry of management/staff and analytical review 工作 rather than substantiating balances. 回顾 does not need to be carried out by a registered company auditor but their greater experience in this area typically means better value is delivered from the review.
Who is required to have an audit or a review?
Under the Charities and Not-for-profit Commission Act 2012 and the Corporations Act 2001, companies 有限的 by guarantee with revenue between $250k and $1m can opt for a review rather than an audit. Those that have under $250k in revenue are not legally required to have a review or an audit.
协会
协会 in Australia are bound by individual state laws so it is important to know which legislation an Association is reporting under. In Victoria under the 协会 incorporation Reform Act 2012, associations follow the same tiers as that for the companies 有限的 by guarantee, therefore if a Victorian association has under $1m in revenue they can opt for a review. 在新南威尔士州, associations that have over $250k or more than $500k in current assets are required to have an audit completed.
It should also be noted that many constitutions have clauses that determine if an audit is to be conducted so this should also be reviewed before opting for a review.
在决定审查之前, it is important to discuss what your organisation want to get out of the exercise. Is it pure compliance with legislation or are you looking for further oversight and assurance on the financial statements? Our audit divisions are experienced in both 审计和评审, so if you would like to discuss your options please give us a call.
黑兹尔·马斯特斯著， Accru墨尔本.
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