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Recent cases provide a warning to auditors: be careful and obtain evidence to support your opinions when auditing SMSFs.

Due diligence requires a deep understanding of the transaction and strategic issues confronting the underlying entity.

A GS 007 report is becoming more necessary for small providers to attract new clients and grow funds under management.

These cases highlight the potential liability of SMSF auditors and the need for evidence to support opinions expressed.

If you hold an AFSL you have to have a registered auditor with ASIC, but be careful in the way you register the auditor.

Advisors can support clients to analyse current business structure and assist in implementing change to achieve growth.

On 17 April 2009, Senator Nick Sherry, Minister for Superannuation and Corporate Law, confirmed that the Commonwealth will conduct an audit of its laws that impact on the issue of company director liability and will do so against the principles developed by the Council of Australian Governments (COAG).

GS018 means that the form of audit report for franchisors to support their financial positions may not be sufficient.

The new approach is set out in the revised Regulatory Guide 26: Resignation, removal and replacement of auditors (RG 26).

The tax debt amounts to a running account debt so a creditor is entitled to ask the court to wind up the debtor company.

The Full Federal Court has allowed Lilyvale Hotel Pty Ltd to bring forward losses in reliance on the same business test where Lilyvale previously ran a hotel business using a manager.

An Australian company's AUD 168,000 fine for failing to lodge audited financial reports reveals a widespread challenge: businesses often cross into mandatory audit territory through organic growth without realizing it. As revenue, assets, or headcount expand, companies can unintentionally trigger obligations under the Corporations Act, with consequences extending far beyond regulatory penalties to impact financing, transactions, and investor confidence.

Due diligence is the appraisal of a business or franchise by a prospective buyer, to allow for an educated investment.