In general, there are two types of audits. The surprising and often painful audits and the scheduled regular audits.
Examples of a surprising audit may be a payroll audit, GST audit or tax audit. Payroll audits may be flagged by a disgruntled staff member and the GST or tax audit may be raised by the ATO from noticing lodged figures that are unusual or extraordinary.
When a business is called upon for a surprise audit, it is often a very stressful time, requiring you to work your way through a lot of paperwork, all the while racking up high accounting fees and/or wasting the business owner’s time. Bizgro provides an audit preparation service that will save you time and money.
Examples of a scheduled regular audit may include auditing a trust fund account such an account that lawyers or real-estate agents may have when they collect client funds or deposits. Another example is the auditing of not-for-profit (non-profit) organisations in their procedural statutory compliance including the handling of government grants.
We ensure that every business transaction that falls within the audit period is checked and accounted for correctly. Documentation is sourced, copied and accurately re-filed. Furthermore, we liaise with the accountant to make sure everything they need is delivered to them.