An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.”  Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter.
Some of the Financial Reporting Services are as below –
TPAR- Taxable Payment Annual Report
This is basically for the payments you make to the contractors.
TPAR was introduced in the 2011- 2012 federal budget, the purpose of TPAR is to improve compliance.
You need to lodge TPAR on 28th August each year if you are into the building & construction industry, information & technology services, courier service, cleaning service.
The invoice you should receive from each contractor includes the details you need to report in TPAR includes the name & address their ABN, Also the amount you paid to them for their services including GST.
Even if you are not registered under GST then also you need to check if you are required to lodge TPAR.
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