Contact Our Auditors in North Queensland

What happens in an asset audit process is as follows:

• The organisation provides their assets list.
• Directors of the organisation approve the report.
• Auditors start their examination. The process begins by examining the physical assets and making sure the assets exist within the company or not.
• If asset records within a financial institution are invalid, it can become harmful to the business. This can cause an impact on the business' taxation and overall financial status.
  

Benefits of asset auditing:

• Removes ghost assets - which are not physically available to the business but do show up in accounting reports.
• Regulatory Compliance
• Depreciation Management
• An independent report is compiled by the auditor detailing their findings & opinions, which can be tailored for shareholders, employees or members.
  

Benefits of An Audit Report

Having an auditor conduct an objective analysis of your organisation’s finances comes with a great range of benefits. Audit reports can uncover missed opportunities regarding a company’s financial performance and investigate the impact of risk management strategies, internal controls, codes of conduct and much more.

Also, showcasing an independent report of your company finances gives clarity and satisfaction to your shareholders, employees and members. The reports display a transparent perspective of the financial happenings within your organisation, giving peace of mind to all incorporated parties.

Get in touch with our auditors for more information today on (07) 4774 4844.

Floor plan Audits

As a floor plan auditor, the team at Vanguard Mercantile work closely with a financial institution to assess the risk of a company during a floor plan loan.

A floor plan audit is commonly used when a business tries to obtain a loan from the chosen financial institution. This involves the following:

• Conducting precise inventory audits
• Assessing damages to inventory
  

Important Factors To Consider

Auditors are an independent source assigned to report on a company that they have no prior allegiance with. Part of an auditor’s job is to search for any signs of potential fraudulent activity within a business and ensure the company complies with tax laws.

However, auditors conduct their analysis on a business in a specific accounting period only—meaning their findings cannot provide assurance that the same just principles carried out by the organisation during the reporting period will continue into the future.