Audit
Audit Services
INP Audit is a Registered Company Auditor providing comprehensive audit and assurance services to companies, trusts, and not-for-profit organisations across Australia. With offices in Melbourne, Sydney, Adelaide, Perth, and Brisbane, our audit team combines deep technical expertise with practical commercial understanding to deliver audit engagements that meet the requirements of the Corporations Act 2001 (Cth), Australian Auditing Standards (ASAs), and other applicable regulatory frameworks.
As one of Australia’s leading bilingual (English–Chinese) chartered accounting firms — INP Group is uniquely positioned to serve the audit needs of Australian subsidiaries of Chinese-listed companies, state-owned enterprises, and cross-border investment groups, as well as domestic Australian businesses of all sizes.
Who Needs an Audit in Australia?
Under the Corporations Act 2001, a company is classified as a “large proprietary company” and must have its financial report audited if it satisfies at least two of the following thresholds for a financial year:
- Consolidated revenue: $50 million or more
- Consolidated gross assets: $25 million or more
- Number of employees: 100 or more
In addition to large proprietary companies, the following entities are generally required to have audited financial statements:
- Public companies (listed and unlisted) under Part 2M.3 of the Corporations Act
- Registered foreign companies operating in Australia (under Division 2 of Part 5B.2)
- Companies limited by guarantee (including many not-for-profits and charities)
- Entities holding an Australian Financial Services Licence (AFSL) under the Corporations Act and ASIC Regulatory Guides
- Self-managed super funds (SMSFs) under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and SMSF-specific auditing standards
- Incorporated associations, cooperatives, and other entities required by state or territory legislation
Even where a statutory audit is not legally required, many entities choose to have a voluntary audit to satisfy stakeholders, lenders, or parent company reporting requirements — particularly Australian subsidiaries reporting to overseas headquarters.
Our Audit Services
Statutory Financial Statement Audits
Our core audit service is the statutory audit of general purpose and special purpose financial statements in accordance with Australian Auditing Standards (ASAs) issued by the Auditing and Assurance Standards Board (AUASB). We conduct audits under ASA 700 (Forming an Opinion and Reporting on a Financial Report) and issue audit opinions as required by section 307 of the Corporations Act 2001.
Our statutory audit engagements cover the full spectrum of reporting frameworks, including Australian Accounting Standards (AASB), the Simplified Disclosures framework for Tier 2 entities under AASB 1060, and International Financial Reporting Standards (IFRS) for entities reporting to overseas parent companies. We prepare the auditor’s report, the auditor’s independence declaration under section 307C, and any management letters arising from the engagement.
AFSL Compliance Audits
For entities holding an Australian Financial Services Licence, we conduct compliance audits as required by ASIC Regulatory Guide 162 (RG 162). These engagements assess the licensee’s compliance with its licence conditions and the financial services laws, including the preparation of financial statements and compliance reports lodged with ASIC. Our team has extensive experience with managed investment schemes, credit licensees, and responsible entities.
Internal Audits & Internal Control Reviews
Beyond statutory assurance engagements, we provide internal audit and internal control review services tailored to the risk profile of your organisation. Our approach aligns with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Framework and focuses on identifying operational inefficiencies, control gaps, and process improvements. We frequently deliver internal audit engagements for Australian subsidiaries where the Chinese or international parent company requires independent assurance over local operations.
Special Purpose Audits & Agreed-Upon Procedures
We undertake special purpose audits including grant acquittal audits (e.g., government grant funding compliance), trust account audits for real estate agents and solicitors, and audits of financial information prepared on a special purpose basis. We also conduct agreed-upon procedures engagements under ASRS 4400 where a full audit is not required, but specific procedures over financial data are needed for stakeholders.
Review Engagements
For entities requiring limited assurance (rather than a full audit), we perform review engagements in accordance with ASRE 2400 and ASRE 2410 (review of interim financial reports). Review engagements are common for half-year reporting by listed entities and for entities that want a lower level of assurance at reduced cost.
Our Audit Approach & Methodology
Our audit methodology follows a risk-based approach in full compliance with Australian Auditing Standards. Every engagement proceeds through four key phases:
| Phase | Key Activities |
|---|---|
|
1. Planning |
Understanding the entity and its environment (ASA 315), identifying and assessing risks of material misstatement, setting materiality levels, determining the audit strategy and detailed audit plan, and assessing the entity’s internal controls relevant to the audit. |
|
2. Interim Fieldwork |
Testing of internal controls (where we intend to rely on them), walkthroughs of key business processes and transaction cycles, interim substantive testing, attendance at inventory stocktakes (where applicable under ASA 501), and early identification of significant audit issues. |
|
3. Final Fieldwork |
Substantive audit procedures over year-end balances and transactions, including detailed testing, analytical procedures (ASA 520), external confirmations (ASA 505) for bank balances and receivables, review of subsequent events (ASA 560), assessment of going concern (ASA 570), and evaluation of management estimates and judgements. |
|
4. Completion & Reporting |
Forming the audit opinion (ASA 700/705/706), preparing the auditor’s report and independence declaration, communicating audit findings to management and those charged with governance (ASA 260), issuing a management letter with recommendations for internal control improvements, and finalising the engagement file. |
Throughout every engagement, we maintain compliance with the independence requirements of APES 110 Code of Ethics for Professional Accountants (including Part 4A — Independence for Audit and Review Engagements) and the Corporations Act 2001 sections 324CA–324CK. All engagement partners and staff complete independence declarations before commencing work.
Industries We Serve
Our audit clients span a broad range of industries and entity structures. We have particular depth of experience in the following sectors:
01
Mining & Resources
Due diligence and statutory audits for mining exploration and production entities, including Western Australian mineral rights projects
02
Financial Services
AFSL compliance audits, managed investment scheme audits, credit licence audits, and fund management entities
03
Real Estate & Property Development
Audits of property trusts, development joint ventures, real estate trust accounts, and land tax structuring reviews
04
Manufacturing & Wholesale Trade
Statutory audits for import/export operations, inventory-heavy businesses, and supply chain entities
05
Education & Training
Audits of registered training organisations (RTOs), CRICOS providers, and education entities with government funding obligations
06
Not-for-Profit & Charities
Audits of companies limited by guarantee, incorporated associations, and ACNC-registered charities under the Australian Charities and Not-for-profits Commission Act 2012
07
Cross-Border & Chinese-Background Entities
Statutory audits and group reporting for Australian subsidiaries of Chinese-listed companies, SOEs, and private investment groups, including dual-framework reporting (AASB and Chinese Accounting Standards)
Cross-Border Audit Expertise
INP Group has direct access to audit resources and technical expertise across Mainland China, Hong Kong, Singapore and the broader Asia-Pacific region. This is a significant advantage for audit engagements involving:
- Group audits under ASA 600 (Special Considerations — Audits of Group Financial Statements) where INP acts as the group auditor for Australian consolidated entities with Chinese subsidiaries, or as a component auditor for Chinese parent company group audits
- Dual-framework financial reporting where the Australian entity must prepare financial statements under both AASB/IFRS and Chinese Accounting Standards (CAS) for parent company consolidation
- Transfer pricing audit support, including documentation under the ATO’s Practical Compliance Guideline PCG 2017/2 and Subdivision 815 of the ITAA 1997
- FIRB compliance verification for foreign investment acquisitions requiring audited financial information
Our bilingual (English–Chinese) audit team eliminates communication barriers that commonly delay cross-border engagements. We understand the reporting expectations of Chinese parent companies, the specific ASIC and ATO compliance requirements for foreign-controlled entities, and the practical challenges of coordinating audit timetables across time zones.
Audit Engagement Examples
CASE STUDY 1
A Chinese-listed energy company established an Australian subsidiary to manage resource exploration assets in Western Australia. INP Audit was appointed as statutory auditor, conducting the annual audit under Australian Auditing Standards while preparing a supplementary reporting package under Chinese Accounting Standards for group consolidation. The engagement included attendance at remote site stocktakes, assessment of exploration and evaluation expenditure under AASB 6, and coordination with our China office on group audit instructions.
CASE STUDY 2
A multi-entity group operating across three Australian states, with 15 subsidiary companies, appointed INP Audit to conduct the consolidated group audit and individual entity audits. We designed a centralised audit approach with consistent materiality thresholds, a group-wide controls assessment, and coordinated fieldwork across Melbourne, Sydney, and Brisbane offices to deliver all audit reports within the group’s 90-day post-year-end deadline.
CASE STUDY 3
An AFSL-licensed fund manager required both a financial statement audit and an ASIC compliance audit under RG 162. INP Audit delivered both engagements concurrently, assessing the entity’s compliance with its licence conditions, testing client money trust account reconciliations, and reviewing the entity’s breach register and risk management framework.
Why Choose INP Group for Your Audit
Registered Company Auditor
Our audit partners hold current Registered Company Auditor status with ASIC, authorising us to audit companies under the Corporations Act 2001
Chartered Accountants
We are a chartered accounting firm certified by Chartered Accountants Australia and New Zealand (CA ANZ), adhering to the highest professional and ethical standards
National Coverage
Five offices across Melbourne, Sydney, Adelaide, Perth, and Brisbane, enabling multi-location audit fieldwork without subcontracting to third parties
Bilingual Capability
Fully bilingual English–Chinese audit team, eliminating communication delays and translation costs for cross-border engagements
Award-Winning Firm
Recognised by the Australian Financial Review (Top 5 Start-up Accounting Firm 2019), International Accounting Bulletin (Rising Star Network 2018), and Accountants Daily (Network firm of the Year 2025)
Technology-Led
Xero Platinum Champion Partner (top 1% nationally), leveraging cloud-based audit tools and data analytics for efficient, paperless audit delivery
Frequently Asked Questions
Under the Corporations Act 2001, large proprietary companies (meeting at least two of the three thresholds: $50M revenue, $25M gross assets, 100 employees), all public companies, and companies limited by guarantee generally require an annual statutory audit. Foreign-controlled small proprietary companies may also be required to prepare audited financial reports if directed by shareholders or ASIC. If you’re unsure, our team can assess your specific obligations.
An audit provides reasonable assurance (a higher level of assurance) and involves extensive testing of transactions, balances, and internal controls under Australian Auditing Standards. A review provides limited assurance through inquiry and analytical procedures under ASRE 2400 or ASRE 2410, at a lower cost. The appropriate engagement depends on your regulatory requirements and stakeholder expectations.
Yes. Our audit partners are Registered Company Auditors with ASIC, authorised to conduct audits under Part 2M.3 of the Corporations Act 2001 and issue auditor’s reports that are lodged with ASIC.
Yes. We regularly deliver audit engagements that require dual-framework reporting — preparing financial statements and audit opinions under both AASB/IFRS and Chinese Accounting Standards (CAS). Our bilingual team coordinates directly with our network’s Chinese offices to ensure group audit requirements are met.
The timeline depends on the size and complexity of the entity. For a standard statutory audit of a single entity, the engagement typically spans 4–8 weeks from planning to completion. Multi-entity group audits may take 8–12 weeks. We work with you to agree a timeline that meets your reporting deadlines and minimise disruption to your operations.
Our fees are based on the estimated time required by our audit team at their respective hourly rates, considering the complexity of the engagement, the number of entities, and any specialised areas (such as AFSL compliance or cross-border reporting). We provide a detailed fee estimate before commencing work, with no hidden costs. Contact us for a no-obligation quote.
Services
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Key Contacts for this service
Leonard Huang
CA
Partner
Johnathan So
CA
Partner