Australia has 8th Highest Tax Rate
A recent UHY Haines Norton study showed Australia has the 8th highest business tax rate in a 26 country comparison study.
The study revealed that on taxable profits of USD $100,000, the Australian government takes 30% in tax which is around 5% higher than in the countries analysed.
Investigate beyond the numbers
Fraud is a serious risk to any business regardless of size or stature, so it is important to have all of the facts whether you decide to formally pursue the allegation or gather evidence for disciplinary action.
Forensic accounting, also known as an investigative audit, brings together the multi disciplinary expertise of individuals within accounting, audit and taxation divisions when conducting an inquiry for the purpose of fraud investigation.
We understand that possible fraudulent activity can be a delicate issue. Therefore our forensic accountants act with the utmost discretion and high professional standards when carrying out an investigative audit.
What does the team do?
We conduct our investigation based on agreed upon procedures set out by management or the board and work with you to gather information, investigate suspicions and present a comprehensive report of our findings.
Our team analyse more than just the numbers; we draw on our experience and knowledge to apply rational thought to our investigation and highlight any discrepancies.
If you require an investigative audit talk to one of our professionals today. Or return to the audit & assurance services for more information.
Independent assessment
An external audit provides an independent audit of your financial statements as at a specific date to determine whether they accurately represent the current financial position of the organisation and the results for the period. Audits help with investor and stakeholder confidence.
Our audit approach consists of an audit methodology designed to facilitate the effective delivery of a high quality audit.
Core principles
Our audit teams work under the guiding principles of professional integrity, ethical behaviour and independence. All activities are supervised by the engagement partner and governed by a set of standards and quality controls applicable to every engagement.
Collaboration & executive involvement
Timely and direct participation by our partners enhances our effectiveness and efficiency, improves communication and provides greater insight. We provide a user friendly team who are trained to work with discretion, ask the right questions, and leave a small footprint within the organisation throughout the audit process. Our strong record of staff continuity means there are no disruptions from year to year such as repetition of questions or limited knowledge of your organisation.
Client satisfaction
We further enhance our audit services through consultation with board members and management to assist them gain insight into our service and to improve our processes.
Clients are satisfied with our emphasis on two-way communication and ability to exceed expectations.
Other external audit services:
Our team also offers alternative audit services including:
review
A review engagement, as opposed to an audit engagement, expresses a limited assurance opinion on financial information. Provision of review services means a lower level of assurance than an audit.
agreed upon procedures
If you have something specific that is giving you grief which you would like a little more assurance on, without a full blown audit, our engagement team can help you. In an agreed upon procedure engagement, specific procedures are agreed between UHY Haines Norton and you before the commencement of our engagement.
Once the subject matter is defined, our team delivers a report based on the specific procedures performed.
Contact one of our assurance specialists to discuss your specific audit needs. Or return to the audit & assurance services for more information.
UHY Haines Norton member firms carry on business separately and independently from other UHY Haines Norton member firms around Australia and New Zealand and from UHY member firms worldwide.
UHY Haines Norton is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network.
Any services provided by a member firm are provided by the member firm only and not by any other independent UHY Haines Norton member firm, UHY, or any other member firm of UHY. Neither any other independent UHY Haines Norton member, UHY nor any member of UHY, has any liability for service provided by other members.
What is due diligence?
Due diligence is the term used to describe doing your research on a business, person or potential investment before signing the contract. You need to do the hard work first to make sure the financial position and results of the entity as represented by the vendor are accurate.
Do your research
If you're considering acquiring, investing in or merging with a business now is the time to perform an investigation of the potential risks and benefits associated with that decision.
By knowing what you are getting into and deciding if the potential benefits outweigh the risks, you are better placed to make a more informed decision.
By combining the strength of experience of our assurance, advisory and tax teams, we assist you in your decision to go ahead, or not, and provide advice on the most appropriate structures for tax and management of the acquired entity.
In our due diligence report we can include:
- Reliability of financial information
- Potential & current liabilities
- Accounting systems and controls
- Business and industry risks
- Key operational processes
- Critical success factors
- Tax implications, risks & opportunities
- Business synergy & cost saving opportunities
- Management & human resource matters
- Future working capital requirements
If you are looking for a due diligence report, our team is ready to help. Contact us today, or return to audit & assurance services for more information.
Get advice from the coaches
Sometimes it is difficult to know what you need to do and how to do it. If you’re feeling a little overwhelmed with business decisions and the pressure question of “where to from here”, our coaching and management consultancy services can help you.
Business coaching is a tool you can use to make your business better and your life a little easier. As business coaches that is exactly what we do: we coach you through the dynamic world of business, whether it is to drive change, improve profit, start a new business, expand into new markets or simply get your business on the right track we are here to help. There’s no pressure and the decisions are ultimately yours. We give you the tools you need to be successful and follow up with you to make sure you are implementing them effectively.
There breadth of our Management Consultancy Services is significant, but some of our more popular requests include:
- Business structuring/restructuring
- Overall business performance
- Profit improvement
- Cash flow improvement
- Business valuation
Our coaches are experienced professionals with national, international and commercial business experience and are long term Partners of UHY Haines Norton. Working with our coaches you enjoy:
- Access to lots of resources
- Proven set of systems and tools
- A wealth of business experience
- Strong analytical skills & business savvy
- Practical advice from an experienced professional
For more information about our business coaching and management consultancy services contact us today. Alternatively click here to return to the business improvement services.
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Disclaimer: You may not rely on electronically transmitted advice or documents unless the transmitted advice is confirmed by original document signed by a partner of this firm. Advice transmitted to you should also be confirmed and checked against a hard copy of the document printed by this firm.
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High quality & tailor made solutions
Our internal audit service provides a broad range of solutions to organisations wanting to strengthen their internal controls including; risk management, assessment and monitoring.
High quality & tailor made solutions
Our methodology incorporates an understanding of the background, objectives, control environment, risk management strategies, regulatory environment and the needs of external stakeholders of the organisation. This helps us identify areas most critical to your organisational success and distribute resources more efficiently to target and improve these.
Risk mitigation
Understanding potential risks is instrumental in preparing for the future. Proper assessment and analysis of areas of potential risk will allow you to develop a proactive strategy to prevent or alleviate the risks.
The internal audit function allows us to determine the risk profile of the organisation and add value by identifying processes that require attention. We follow this up with our recommendations.
To find out more, or to arrange an internal audit contact our audit team today. Or return to the audit & assurance services for more information.
Measure your success
As a business owner you need a clear understanding of the operational and financial performance of your business. Today’s market is competitive and full of uncertainty. To equip yourself for success you need a clear understanding of your key performance indicators.
In our experience up to 50-70% of management reporting is futile. This is generally because the incorrect reports are being produced or management isn’t sure of what to do with the data.
Management reporting is more than just producing numbers; you need to know what information to generate and how to interpret that information. Through review of your strategic objectives we determine what your key performance indicators are and what you need to report on to be able to measure success.
Once we understand the ‘what’ we move on to the ‘how’. We help you design and implement a tailored reporting system which can be integrated into your existing system to automatically generate reports.
But our service doesn’t stop here; we consult with you on an ongoing basis – monthly or quarterly – to discuss what the results really mean for your business and provide management consulting based on the data to assist you in building a stronger and more profitable business.
Contact our team for more details, or click here to return to the business improvement services.
