Pro Audit in Brisbane, Queensland, Australia | Business service

Pro Audit

Locality: Brisbane, Queensland, Australia

Phone: +61 7 3188 9488

Address: Building 1G, 528 Compton Road Stretton 4116 Brisbane, QLD, Australia

Website: https://pro-audit.business.site

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23.01.2022 Please check out latest blog on our website - Impact of COVID-19 on charities https://proaudit.com.au/b/f/impact-of-covid-19-on-charities

21.01.2022 SMSF ATO focus areas of concern: 1. Low cost auditors and the possibility their quality of audit work 2. Contravention rates reported by certain SMSF auditors is low as the industry average rate is around 2% for several years 3. Auditors audit their own funds, family members funds, defactos funds... 4. All audits come from one source which creates familiarity threat and intimidation to auditors independence 5. Auditors have not completed the audits for some time leads which ATO question the auditors competence 6. Top 100 auditors, out of approximately 6,000 auditors who are auditing 500 funds or more each year or are responsible for auditing approximately 30% of all SMSFs 7. Two auditors have their own SMSF agree to audit each other which ATO in view that no safeguard will reduce the independence threat See more

21.01.2022 Please check out the latest blog on our website - Extension of SMSF annual returns https://proaudit.com.au//covid-19-effect-on-trustees-and-a

20.01.2022 Changes to the Large Proprietary Company Threshold which is doubled now, due to recent new regulations. Under the new regulations from financial years commencing on or after 1 July 2019, a proprietary company will be considered large for a financial year if it satisfies at least two of the below criteria: - the consolidated revenue for the financial year of the company and any entities it controls is $50 million or more - the consolidated gross assets at the end of the fi...nancial year of the company and any entities it controls is $25 million or more - the company and any entities it controls have 100 or more employees at the end of the financial year Large proprietary companies must prepare and lodge a financial report and a directors report for each financial year. The accounts must be audited unless ASIC grants relief. Please contact us if you need assistance on this.

16.01.2022 Most common SIS contraventions reported to ATO for 2018 financial year 21 % reported for loan to members under section 62, 65 and 84 to 85 18.70% Investments in house assets under section 84 to 85 12.80% Failure to keep personal assets separate from SMSFs under regulations 4.09A 10% Administrative contraventions ... 8% Sole purpose test under section 62 8% Borrowings under section 67 and 67A 7.50% Arms length under section 109 7% operating standards 7% Other See more

11.01.2022 ASIC Financial Reporting focuses for 31 December 2019 ASIC has announced its focus areas for 31 December 2019 financial report of listed entities and other entities of public interest with many stakeholders on 6 December 2019. For more details please check out ASIC website under media release section 19-341MR Financial reporting focuses for 31 December 2019. ASIC has also called companies to focus on new requirements that can materially affect reported assets, liabilities an...Continue reading

10.01.2022 https://mobile.abc.net.au//private-college-reape/11662164

08.01.2022 Top 10 tips to protect charity from fraud 1. Clear, written financial procedures and delegations 2. Robust HR procedures 3. Establish a code of conduct 4. Define financial responsibilities ... 5. Develop a fraud prevention policy 6. Be secure when banking online 7. Limit cash handling 8. Monitor bank accounts, budget and grant funding 9. Ask questions 10. Understand the importance of reporting fraud Also most important review risk register and risk management policy annually to ensure all the risks expose are covered in the risk register! ACNC also published webinar on charity fraud awareness which we encourage charity to check it out. All charities should take measures to protect themselves against fraud as not all charities can withstand the financial loss and reputational damage. If any charity require assistance in implementing policies and procedures in place, please contact Pro Audit for assistance and check out Facebook page.

02.01.2022 Not-for-profits - Are you ready in applying the new accounting standards for 31 December 2019 year ends? The new standards impacting NFPs for years commencing on or after 1 January 2019 are: - AASB 1058 Income of Not-for-profit entities - AASB 15 Revenue from Contracts with customers ... - AASB 16 Leases Pro Audit can assist you if you require any assistance in applying these new accounting standards.