Private Company Audits

Independent financial reporting gives directors, shareholders and lenders a stronger basis for assessing a company’s position. Optimum Auditing Services provides financial report audits for companies with statutory, shareholder, lender or group reporting requirements.

We combine careful examination of the evidence with direct communication. Each engagement is planned around your operations, reporting framework and significant risks, with a clear timetable and focused requests for information.

Establishing your reporting requirements

The need for an audit depends on the company’s circumstances. Size, ownership, applicable relief and requests from shareholders or regulators can affect statutory obligations. Finance agreements and group reporting instructions may create additional requirements. We clarify the intended report and reporting framework before agreeing the scope.

When does a proprietary company need an audit?

ASIC’s published guidance classifies a proprietary company as large for a financial year when it meets at least two of these three criteria, assessed across the company and the entities it controls:

Large proprietary companies generally must prepare and lodge annual financial and directors’ reports and have their financial report audited, unless applicable relief is available.

Falling below these thresholds does not automatically remove every audit obligation. Foreign ownership, shareholder or ASIC directions, licence conditions and contractual requirements may still be relevant. Different rules apply to other company types.

Check ASIC’s large and small proprietary company thresholds. Guidance checked 27 September 2026. We confirm the requirements and any relief applicable to your reporting year when scoping the engagement.

What our audit examines

• Revenue recognition, significant contracts and the timing of transactions.
• Cash, receivables, inventory and the support for asset values.
• Loans, liabilities, provisions, leases and related party balances.
• Accounting estimates, financial statement disclosures and consolidation matters.
• Cash flow forecasts and going concern assessments where relevant.
• Controls relevant to the audit and significant unusual transactions.

Our procedures respond to the risks of material misstatement. We do not apply the same checklist indiscriminately to every business. Where a balance or transaction needs closer examination, we explain the evidence required and follow up the matter with management.

A clear process from planning to reporting

We agree responsibilities and deadlines at the outset, examine the financial report and supporting records, and raise significant issues while management has an opportunity to respond. At completion, we issue the agreed auditor’s report and communicate significant findings to the appropriate people.

An audit provides reasonable assurance, rather than a guarantee that every error or irregularity will be detected. Directors and management remain responsible for the financial report, accounting records and internal controls.

Preparing for your company audit

Have your draft financial statements, trial balance, general ledger, bank reconciliations, key contracts and supporting schedules available. For a first-year engagement, the previous financial report and auditor’s report help us identify opening balance and transition requirements.

We can liaise with your accountant and group finance team, with your authority, to coordinate information requests and reduce duplication. Any change of auditor is assessed against the applicable appointment and cessation requirements.

Regulatory reference: ASIC financial reporting and audit guidance.