What is an Audit?
The term ‘audit’ often comes up in finance, yet many people aren’t quite sure what it actually entails. So, what is an audit? An audit isn’t just about crunching numbers or ticking boxes. It’s a...
View ArticleWhat is an Internal Audit?
In this article, we look at the question “What is an internal audit?” and more. An internal audit is a process that evaluates a company’s internal systems, focusing on the organisation’s corporate and...
View ArticleWhat Is an External Audit? All Your Questions Answered
In this article, we delve into what an external audit is, highlighting their importance and the key distinctions that set them apart from other forms of audits.An external audit is an objective...
View ArticleFinancial Statements: The Different Types, Their Purposes, & More
There are four primary types of financial statements in Australia: profit and loss statements, balance sheets, statements of change in equity, and cash flow statements. These form the basis of all...
View ArticleWhat is an Income Statement and What is it Used For?
Income Statements and Their Importance Income statements are critical financial reports that provide an overview of a company’s financial performance over a specific period, typically a fiscal quarter...
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Balance Sheets: What They Are, How To Read Them, & More
Often referred to as a company’s financial snapshot, a balance sheet provides a comprehensive view of an organisation’s financial health at a specific point in time. For businesses, investors,...
View ArticleStatement Of Changes In Equity: What It Is And How To Prepare One
The statement of changes in equity stands as a key tool for understanding the shifts and movements within a company’s equity over time. This particular financial statement offers a transparent view of...
View ArticleHow to Prepare and Interpret Cash Flow Statements
What is a cash flow statement? A cash flow statement is a financial document that provides a summary of a company’s cash as it flows in and and out over a specific period, typically a month, quarter,...
View ArticleACNC Audit Requirements: What You Need To Know
The Australian Charities and Not-for-profits Commission (ACNC) governs how not-for-profits operate financially. The ACNC has put in place specific financial reporting requirements that vary based on a...
View ArticleWhat Is The Difference Between a Review and an Audit
Understanding the differences between audits and reviews is important for companies financial compliance and reporting responsibilities. Both audits and reviews play key roles in creating transparency...
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