Watch the video as Robert Edwards of Chan & Naylor Audit talks about Audit, Governance and Risk Management.
Hi, I’m Robert Edwards from Chan & Naylor Brisbane.
Specifically, I oversee the firms Audit, Governance & Risk Management Services here.
We are fortunate to work with a very high-quality network of CPA & Chartered Accounting Firms that tap into our services when required for their own clients.
So, working closely with you and sharing more valuable information with you directly will hopefully allow you to provide an even better service to your clients.
Our new Chan & Naylor Audit show will aim to provide a more personal way of keeping you up to speed re important changes for your clients.
So, enjoy the show and do contact us regarding any items you would like to know more about.
Q1 (AMBER) Hi Rob, it would be great to start by understanding the core services you currently provide to the network of Accounting Firms that tap into the Chan & Naylor Audit Services team. Can you maybe share a short opening regarding the key services you provide?
Audits for Large Proprietary Companies, Unlisted Public Companies, Not for Profit Entities – effectively anything that needs to be audited or requires assurance services other than a Corporation Listed on the ASX.
Most of our audit services are performed in parallel with the accounting work performed by referring accounting practices. There are over 25 firms relying on us to provide audit services to their clients.
Trust accounts, Body Corporate Strata Plans and Self-Managed Super Fund audits form a significant percentage of the number of audits we perform.
Q2 (AMBER) A very important area in business these days is Risk & Governance.
How can firms in the network approach Risk & Governance with their clients?
As part of their Quality Assurance responsibilities, all principals in public practice are required by APES 325 to document their Risk Management Framework.
This standard mirrors the international Standard on Risk ISO 31000 which applies to all businesses.
This presents a new fee earning opportunity for firms to assist their clients institute goo risk mitigation and governance strategies.
Q3 (AMBER) And in regards to Fees for Risk & Governance, how would you recommend a firm approaches this?
Have a couple of ‘horror stories’ of businesses that have not appropriately managed risk and for those business owners who need assistance offer your Risk Management ‘Product’ and help them institute sound Risk Management policies and procedures into their day to day business activities.
I suggest that a starting fee for firms delivering this service would be $1,000.
Q4 (AMBER) How many clients could Risk & Governance Services apply to in a normal style Accounting Firm that is perhaps not really offering Risk & Governance today?
Include the topic in your client meeting agenda. Discuss with business owners what has recently gone wrong in their business and what could be an issue in the future.
Clients who are more nervy than other should take up the offering quickly. Others when they feel the need – feel more exposed to some risks.
All clients should be managing their risks and the percentage of firm’s clients that take up the offer will increase over time if it is offered consistently.
Then their system needs to be reviewed and monitored annually.
Q5 (AMBER) And to wrap things up for our very first show, are there any Key Audit changes or dates our Firms should be paying attention to at present?
There are several changes to Australian Accounting Standards that could have a significant impact on the financials of businesses.
These mandatory standards apply to non-reporting entities preparing Special Purpose Financial Statements as well as reporting entities.
Firms preparing financial statements that need to be lodged with a regulator such as ASIC or ACNC etc. can contact us for more details.
Well we hope you enjoyed our first episode.
We’re endeavouring to keep it short and sharp to the point.
So, thanks for joining us, and please do contact us to discuss any of these matters further.
If you would like to know more about audit, governance and risk management, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
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