Auditing small and medium entities requires a different approach to working with large companies and organisations.
The Small Entities Audit Manual gives specific guidance for conducting the most commonly encountered small audits and reviews, including those for self-managed superannuation funds, associations, companies limited by guarantee, trust accounts and grant acquittals. CPA members will need to log in for free access. With your member login, a 100 per cent discount is applied when you add the product to your cart. When the checkout process is complete, you’ll be able to access the guide using the course player, click on “Play”.
This IAASB guide aims to help firms efficiently and proportionally apply International Auditing Standards (ISAs) on small and medium-sized entity audits.
If you are an employee, volunteer or board member of a not-for-profit (NFP) organisation, including a charity, this guide outlines various CPA Australia and other online resources to help you understand some key reporting and assurance obligations under the Australian regulatory framework.
This guide is intended to inform charities and their advisers on their financial reporting and assurance obligations under the Australian Charities and Not-for-profits Commission Act 2012.
Australian incorporated associations are governed by each State and Territory’s Associations Incorporation Act, which also establishes the reporting requirements.
About working with charities
Charities form one distinct subset of not-for-profits (NFPs), with their objectives being primarily of a charitable nature.
Auditing and assurance regulators
There are a range of regulators relevant to the reporting and auditing or assurance obligations of small and medium entities at both the Commonwealth and State or Territory level.
The following oversee small to medium entities and their auditors.
|Registered Organisation Commission||
|Clean Energy Regulator||
1. Incorporated associations and state-based charities
Incorporated associations may be subject to audit or review. Some charities are not registered with the ACNC but hold a state-based fundraising licence and so are a state-based charity. Mostly these are regulated by the same regulator as the incorporated associations.
|Australian Capital Territory - Incorporated associations and NFPs||Access Canberra (Fair Trading)|
|New South Wales - Incorporated associations and co-operatives||NSW Office of Fair Trading|
|Northern Territory - Incorporated associations||Northern Territory Government|
|Queensland - Incorporated associations|| The Office of Fair Trading (OFT)
|South Australia – Incorporated associations||Consumer and Business Services|
|Tasmania - Incorporated associations|| Consumer, Building and Occupational Services
|Victoria - Incorporated associations and fundraising licensees||Consumer Affairs Victoria|
|Western Australia - Incorporated associations and fundraising licensees||Department of Mines, Industry Regulation and Safety|
2. Real Estate Agents and Conveyancer' Trust Accounts
Trust accounts must be audited.
|State/Territory||Year end||Auditor's Report Due||Regulator|
|Australian Capital Territory – real estate, business and stock and station agents||Allocated by Commissioner for Fair Trading||Within three months after the end of the audit period||Access Canberra (Fair Trading)
|New South Wales – real estate agents and conveyancers||30 Jun||30 Sept||NSW Office of Fair Trading|
|Northern Territory – licenced business agent, estate agent or conveyancer||30 Jun||30 Sept||Department of the Attorney-General and Justice (Agents Licensing Board of the Northern Territory)|
|Queensland – property agents, motor dealers and debt collectors||The end of the month the licence expires||Four months after year end||The Department of Justice and Attorney-General (The Office of Fair Trading)|
|South Australia – land agents||Two months prior to licence expiry||End of the month of licence expiry||Consumer and Business Services|
|Tasmania – property agents||30 Jun||30 Sept||Property Agents Board of Tasmania|
|Victoria – estate agents and conveyancers||30 Jun||30 Sept||
|Western Australia – Real estate agents, business agents, and settlement agents and business settlement agents||31 Dec||31 Mar||Department of Mines, Industry Regulation and Safety (Consumer Protection)|
3. Legal Practitioners' Trust Accounts
Examinations by a registered examiner are required for legal practitioners' trust accounts.
|State/Territory||Year end||Examiner's report due date||Law Society resources|
|Australian Capital Territory||31 Mar||31 May||ACT Law Society|
|New South Wales||31 Mar||31 May||NSW Law Society|
|Northern Territory||31 Mar||30 Jun||NT Law Society|
*Declaration of trust monies witnessed by a Justice of the Peace and lodgement of financial security due by 14 April
|31 Mar||31 May||QLD Law Society|
|South Australia||30 Jun||31 Oct||Law Society of South Australia|
|Tasmania||31 Dec||31 July||Law Society of Tasmania|
|Victoria||31 Mar||31 May||The Victorian Legal Services Board and Commissioner|
|Western Australia||31 Mar||31 May||Legal Practice Board of WA|
4. Queensland Building and Construction Commission
The Queensland Building and Construction Commission (QBCC) regulates the building industry and requires annual reporting (unaudited) for building and construction licensees and audits or reviews for changes of category of licence.
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