IAS provides specialist audit services in the areas of:
SELF-MANAGED SUPERANNUATION FUNDS
Director, Jeremiah Thum, is an ASIC approved SMSF auditor.
IAS provides specialist audit services to Trustees of Self Managed Superannuation Funds and Fund Administrators who are currently not receiving prompt responses to technical audit queries nor close professional attention and advice. IAS gives you –
- prompt, reliable, high quality audit services;
- confidence and support for your compliance with all legislative requirements pertaining to SMSF audits;
- continuing ready access to senior members of a qualified audit team;
- specific, detailed and accurate responses to all your questions.
In Queensland, most bodies corporate are community titles schemes registered under the Body Corporate and Community Management Act 1997 (“ the Act”). In addition to the Act, each scheme is registered under one of five regulation modules. There are also other regulations that apply to all bodies corporate.
The Act requires that at its annual general meeting each year, the body corporate must consider a motion about appointing an auditor of its financial statements.
IAS has many years of experience and provides specialist services in the audit of body corporates to give members of the body corporate confidence in the reliability of the information being provided to them in the financial statements.
COMMUNITY-BASED SERVICE PROVIDERS
Are you complying with your Australian Charities and Not-For-Profit Commission (ACNC) responsibilities and all other legal requirements, whether you are an Incorporated or unincorporated association, or company limited by guarantee?
The primary responsibility for the prevention and detection of fraud within charities, clubs and associations rests with both those charged with governance and the entity’s management.
An IAS Audit will provide you with the assurance that you are complying with all of your legal responsibilities. Our pricing is competitive in all areas of our audit work and our qualified team ensures that your audit is of the highest standard.
As a smaller firm, we do not have the overhead structure that the larger accounting firms have. We pass these savings on to you without any reduction in the professionalism and technical quality that we bring to your audits.
AUSTRALIAN FINANCIAL SERVICES LICENSEES and MANAGED INVESTMENT SCHEMES
Australian Financial Services Licensees
The Corporations Act 2001 requires an entity that operates a financial services business to hold an AFS licence or be authorised by a licensee.
Australian financial services (“ AFS”) licencees must lodge their profit and loss statement and balance sheet (together with form FS70) and an audit report (together with form FS71) annually with Australian Securities & Investments Commission(“ ASIC”). The special purpose audit is required to ensure that AFS licencees comply with their AFS licence conditions, the Corporations Act and Regulations.
Managed Investment Schemes
Responsible entities for Managed Investment Schemes must appoint an auditor of the Compliance Plan for the Scheme. The auditor must conduct an audit of the Compliance Plan within three months of the end of the financial year of the Registered scheme and provide a report to the Responsible Entity.
Director, Jeremiah Thum, has extensive experience in the audit of AFS LIcencees and Managed Investment Schemes and related Compliance Plans.
Large proprietary companies must be audited as stipulated by the Corporations Act 2001. Small proprietary companies must be audited in certain circumstances also as stipulated by the Corporations Act 2001. The auditor must be a Registered Company Auditor unless Australian Securities & Investments Commission(“ASIC”) approves otherwise.
SHOPPING CENTRE & COMMERCIAL LEASE OUTGOINGS
The Retail Shop Leases Act 1994 (the Act) sets the mandatory minimum standards for retail shop leases in Queensland.
The landlord is required to supply the tenant with an annual audited statement of outgoings within three months of the end of the accounting period. The statement must be audited by a registered auditor.
In addition to the rent, the tenant will often be responsible for reimbursing the landlord for outgoings payable in accordance with the terms of the lease.
IAS has the experience and necessary qualifications to perform all types of Outgoings audits.
The requirement to deal with trust money and to maintain trust accounting records is an integral part of legal practice.
Legislation requires an audit of the Trust Account to be completed for each year ending 31 March and to be lodged with Queensland Law Society (“QLS”) by 31 May.
IAS can assist you in completing your reporting obligations. In addition to the year end reporting, IAS is at all times available to answer any bookkeeping or accounting queries which may arise during the year in respect of your Trust Account.
Real Estate and Other Trust accounts
On 1 December 2014, four industry-specific acts replaced the Property Agents and Motor Dealers Act 2000 (“PAMDA”):
- Property Occupations Act 2014
- Motor Dealers and Chattel Auctioneers Act 2014
- Debt Collectors (Field Agents and Collection Agents) Act 2014
- Agents Financial Administration Act 2014
Real Estate Trust Accounts maintained under the former PAMDA will now be administered predominantly under the Property Occupations Act 2014, while other industries will be administered under their applicable Acts.
IAS is ably equipped to fulfill all your Trust Account audit requirements under these and other Acts.