Collins & Co has extensive experience in providing a complete range of audit and assurance services to our clients. We help our clients manage their business risks, grow their business and meet their corporate & financial reporting requirements.
We adopt the risk based audit approach in our audits, to focus our resources on the risk areas identified in the financial statements and the business as a whole.
We review your financial statements and give an independent opinion as to whether they are relevant, accurate, complete and fairly presented. The benefit we provide to your business is the confidence that the financial statements can be relied upon as a basis on which to make important decisions. An important outcome of our audit is a report, along with recommendations, to those in charge of corporate governance, which comment on the quality of the decision making of directors and management, the quality of the business’ risk management procedures and the internal controls.
Collins & Co is in the top 2% Australia-wide for the number of audits of SMSF’s we undertake each year. Our audit team have been auditing SMSF’s for many years and are ready to assist with the audit needs for our clients.
All Self-Managed Superannuation Funds (SMSF) require an annual audit to ensure that they are being administered correctly and that they are compliant with the SIS Act.
In order to be considered a complying superannuation fund and receive tax concessions, it must first elect to be a regulated fund and governed by the rules of the Superannuation Industry (Supervision) Act 1993 (the SIS Act). A complying superannuation fund’s income is taxed at a rate of 15%, while a non-complying fund’s income is taxed at 47%.
The Australian Tax Office regulates SMSFs. The Australian Prudential Regulation Authority (APRA) regulates all other superannuation funds that do not meet the definition of a SMSF. Failure to perform the audits in accordance with the SIS Act may lead to significant penalties for the trustees and/or the auditor.
A trust account is where an accountant, solicitor, real estate agent, travel agent or other professional holds a client’s money on their behalf.
The trust account is usually used to secure a client’s money until they decide how they want to invest it or in anticipation of an upcoming transaction or in advance of professional services to be rendered.
When an accountant, solicitor, real estate agent, travel agent or other professional holds money on behalf of their client in trust, they are required to have their trust accounts audited annually.
Collins & Co can offer you other additional services in relation to trust accounting and internal controls:
If you would like further information on trust audits relevant to your profession, please contact Ryk Eksteen on 03 9680 1000 or email him at re@collinsco.com.au
Syed Abid