Audit is highly regulated in Australia. New regulations for IFRS and IAS are issued internationally, and then adapted to Australian laws by the Australian Accounting Standards Board (AASB). An audit firm familiar with both international and Australian standards is essential to provide international business directors and boards with a high level of assurance for their Australian operations. Our audit services for Australian subsidiaries are designed to provide this and more.
Australia’s audit requirements in brief
The Australian Securities and Investments Commission (ASIC) is Australia’s corporate and financial markets regulator. Australian law requires companies operating in Australia to prepare and lodge financial reports with ASIC if they meet two of the following conditions (as at June 2019):
- Over $25m consolidated revenue for the year*
- Over $12.5m consolidated gross assets at year end*
- Over 50 employees at year end (full time equivalents)*
*Thresholds subject to change
It is also compulsory for companies listed on the stock exchange, public companies, registered schemes and some smaller companies to prepare and lodge audited financial reports in Australia. Audited financial reports also offer international businesses in Australia many other benefits. Learn more about the benefits of an external audit or selecting an auditor in Australia.
Our audit services for Australian subsidiaries of foreign owned businesses
Accru Felsers audit services meet the highest national and international standards. Our audit approach adds value to any type of business but is particularly valuable for foreign-owned subsidiaries in Australia, where our experience and insights provide greater efficiencies, cost savings and practical ideas for improving internal controls and business systems.
We are skilled and experienced in Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and individual country specific standards such as HGB (Germany).
Our audit and audit-related consulting services include:
- Statutory audits – Audit of annual and consolidated financial statements, and special purpose audits
- Voluntary audits – Audit of operational processes and internal control systems
- Financial Reporting – Preparation of annual and consolidated financial reports
- Fraud prevention & forensic investigation
- Corporate governance, auditing and regulatory matters
- Due diligence for mergers, acquisitions & business sales.
Accru Felsers international business auditors
Accru Felsers auditors are Chartered Accountants and Members of Chartered Accountants in Australia and New Zealand. Our audit partners are typically also Registered Company Auditors, Registered Tax Agents and Registered Self-Managed Superannuation Fund Auditors.
Our audit team are familiar with International, European and Australian financial reporting standards, business systems and cultures. We have German and French speaking accountants on staff to discuss international accounting standards and audit-related issues in your native language when needed.
Our audit work with Australian subsidiary companies
Accru Felsers provides audit services to many successful German & Austrian ‘mittelstand’, European, US and Asian companies. Examples include:
- Helped a German mining equipment & services company to streamline business processes and implement best practice controls for error detection. This enabled the Head Office to have greater visibility over their Australian subsidiary’s financial management.
- Supported an Austrian kitchen fittings company with audit, assurance, due diligence and advisory services for over a decade, helping them to grow to a major Australian brand and achieve a successful vertical integration.
- Assisted a new Financial Controller for a US listed scientific instruments company to overcome the knowledge vacuum left by the departure of the previous Financial Controller and finance team. As the company’s auditors for many years, we brought our deep understanding of the business to help the Financial Controller meet the challenges of his new role.