Audit & Assurance

Primal Accounting audits are not just about making sure the numbers add up. Our audit and assurance experts have a track record of delivering tangible business benefits while ensuring compliance with current regulatory requirements and local and international accounting standards.

With Primal Accounting, audit engagements are partner-led and supported by qualified and experienced team members committed to understanding your business and meeting your timeframes. That means you receive an efficient, cost-effective audit, as well as a picture of your business performance that highlights potential problems or opportunities. Our value add management  reports frequently reveal ways to streamline your systems and procedures, strengthen your controls and provide better management information.

Our emphasis on understanding makes our audit methodology unique – understanding the business, the owner and the balance sheet. Our audit approach has greater emphasis on systems, risk, reconciliation and accounting policies, and less focus on extensive ‘robotic’ verification and technical compliance. We produce an audit service which is wanted, valued and needed, because in the end, owner’s care about their business. It’s their money.

With our substantial experience in internal and external audit, due diligence and specialist advice for both public and private entities, you know you’ll receive a consistently high quality audit. But more than that, you’ll have a business partner who can help you manage risk and improve your operations.

Our services encompass:

  • External and internal audit
  • Financial audits
  • Accounting system and control reviews
  • Advice on the application of accounting policies, accounting and auditing standards
  • Listed & unlisted public companies
  • Subsidiaries and branches of foreign owned corporations
  • Private companies, partnerships and trusts with special audit requirements
  • Government or semi-government departments and publicly owned enterprises
  • Not-for-Profit organisations
  • Public charities and benevolent institutions
  • Trust accounts maintained by solicitors, real estate agents, travel agents, insurance brokers and agents and others
  • Superannuation fund audits

Audits of financial reports

Provision of statutory audit services for clients requiring an audit under the Corporations Act 2001, or other relevant legislation. Our industry experience and exposure to different entity structures is very broad. Within Australia our audit clients range from over 70 ASX listed companies, some of the largest privately owned companies right through to not-for-profit entities.

Reviews of financial reports

Provision of review services (less detailed and hence providing a lower level of assurance than an audit) for half year reports of ASX listed companies under the Corporations Act 2001 and other entities, as required.

Internal audits

Provision of an internal audit function, either on a one-off or recurring basis, for organisations of all types.

Systems and controls reviews

One-off reviews of an entity’s financial and operating systems and controls, providing an independent assessment of the internal systems and controls. These reviews assist in risk management and corporate governance.

Agreed upon procedure reports

Conducting procedures on specified financial information for a particular special purpose and then preparing a report based on these procedures.

Other types of audits

There are many other types of audits that we undertake such as:

  • Trust accounts (solicitors and real estate agents)
  • Grant acquittal statements
  • Turnover audits for shopping centre
  • Outgoings audits
  • Strata plan audits

Regulatory compliance 

Directors have the obligation to prepare financial statements that are true and fair. Our operating methodology is designed around helping owners produce accurate financial statements and meeting their obligations under various taxation and corporation law requirements in a timely manner.