What Auditors Do
Auditors provide independent assurance and review services across a range of contexts:
How an Auditor Can Help
Engaging an auditor may provide several benefits:
Regulatory Framework
Registered Company Auditors (RCAs) must meet ASIC's registration requirements including prescribed qualifications and practical experience. They must comply with Australian Auditing Standards (ASA), APES 110 Code of Ethics (including independence requirements), and quality management standards (ASQM 1 and ASQM 2). SMSF auditors must be registered with ASIC and hold approved SMSF auditor qualifications. ASIC conducts risk-based audit quality inspections and can refer matters to the CADB for disciplinary action, which may result in suspension or cancellation of registration.
Key Regulatory & Oversight Bodies
Australian Securities and Investments Commission
ASIC registers and oversees Registered Company Auditors (RCAs) and authorised audit companies under the Corporations Act 2001. ASIC conducts risk-based inspection programs to monitor audit quality.
Companies Auditors Disciplinary Board
The CADB is an independent statutory tribunal that hears disciplinary matters referred by ASIC against individual registered auditors.
Auditing and Assurance Standards Board
The AUASB sets Australian Auditing Standards (ASA) which are based on International Standards on Auditing (ISA) and are legally enforceable for statutory audits.
Key Qualifications & Requirements
Why You May Need to Consider a Auditor
There are a number of life events and circumstances where engaging a auditor may be worth considering. The following are common scenarios — this is not an exhaustive list and is provided for general information only.
Statutory audit requirements
Large proprietary companies, public companies, and other entities may be required by law to have their financial statements audited.
SMSF compliance
All SMSFs must have an independent audit conducted annually — this is a mandatory ATO requirement.
Investor or lender requirements
Banks, investors, and other stakeholders may require audited financial statements as a condition of funding or investment.
Internal control assessment
Organisations concerned about fraud, inefficiency, or compliance gaps can engage internal auditors to systematically assess and improve controls.
Grant compliance
Government and philanthropic grants often require independent audit or acquittal to verify that funds were used as intended.
Where to Find an Auditor
Locate a registered auditor through these channels:
Related Verticals
Financial and professional services are interconnected. Depending on the situation, it may be worth exploring these related service areas:
Important Notice & Disclaimer
The information above is general in nature and does not take into account individual organisational circumstances, regulatory obligations, or audit requirements. It is not a substitute for professional audit advice. Before making decisions about audit arrangements, consider whether the information is appropriate for the circumstances and consider obtaining advice from a qualified auditor.
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