Audit & Other Assurances
Legal obligations aside, why submit to the rigours of audit? The simple answer is that it assures the integrity of the financial information and systems of your business which allows you to chart its future with confidence. Enter Allen & Co Accountants. Ensuring staff continuity and using risk based techniques; our assurance team can provide you with independent, objective opinions and an efficient, economic audit. Acutely aware of changes in law, we are equipped to conduct audits of entities formed under differing legislation, across industry types and organisational size. We also provide an extensive range of audit related services including reviews of financial information, agreed upon procedures, probity audits, investigations, due diligence and internal control reviews.
Audit Protection Insurance
The ATO continues to announce significant increases in their audit activity. Now more than ever individuals, businesses and Self Managed Super Funds are at risk of being selected for a random audit.
Unfortunately, the instigation of a random audit or investigation by the ATO, or indeed any Federal or State revenue agency (e.g. Workcover, Payroll Tax), will result in costs to you. Even if there are no adjustments to the return, there would still be costs associated in the preparation of material for the ATO, or the agency involved, and the managing of the response process.
It is for this reason that we continue to hold Audit Insurance in our own name to cover the professional fees incurred in preparing all relevant documentation and responses to the ATO, or any other Government Agency, conducting and audit, review or investigation. This policy, underwritten by Vero Insurance Ltd, covers these costs (up to a prescribed limit) for any audits, reviews or investigations relating to the current year's returns and all previous years.
The insurance cover does not automatically extend to you, however, we can add your account (on payment) to the list of clients participating in this service. The payment for your Audit Protection Insurance is fully tax deductible.
In the event that you are subsequently subject to an audit, we will then seek to claim our fees for handling your audit from the insurance company.
We emphasise there is no compulsion, and it is for each client to decide whether to participate. If you wish to participate or would like further information, please contact our Office Manager Catherine Harris.
** Please note that included in your insurance premium there is a fee payable to us. This fee is used as recovery for our administrative costs for operating this service.