WPIAS adopts a risk based audit approach as required by the Australian Auditing Standards.
Our audit methodology is based on our understanding of the business and assessment of the identified risks. We will obtain an understanding of the entity and its environment, including its internal controls, during our initial planning meetings, to identify any significant risks of material misstatement. For those identified risks, we will document those controls in place and test the relevant control by performing walk-throughs. Subsequently, we will design our audit procedures, including analytical reviews and substantive testing, around our risk assessment. We will ensure any identified risks, control weaknesses and accounting issues are communicated in a timely manner to management and/or those charged with governance.
Our approach intends to place as much reliance on internal controls as possible. Our controls testing will be completed during our interim visit, thus reducing the amount of testing required at year end.
Our Corporate Audit Team has comprehensive experience in the following sectors/types of engagements:
- Building and Construction (QBCC (formerly BSA) Licences)
- Clubs and Associations
- Grant Acquittals
- Motor Vehicle Dealers
- Sporting Organisations
- Listed Public Companies
- Unlisted Public Companies limited by shares or guarantee
- Incorporated Associations (Levels 1 & 2)
- Financial Services (AFS / AC Licences)
- Charitable Institutions
- Travel Agents (IATA Licences)
- Managed Investment Schemes
- Retail Shop Leases
- Aged Care
- Large Proprietary Companies
- Proprietary Companies controlled by a Foreign Company
- Gaming Licences
- Shareholder Demands (s293)