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Our audit and assurance healthcare experts have a long history of supporting organisations across the healthcare sector.
Within a highly regulated sector such as healthcare, a quality audit is critical. This ensures that the annual financial statements presented by the management and Board comply with the relevant accounting standards and statutory reporting requirements.
An independent audit report also provides comfort to members, regulators, and other stakeholders that refer to and rely on the audited financial statements.
GAIN ASSURANCE AND CREDIBILITY
In particular, external audits of financial statements are required to:
- Consider the risk of material misstatement due to fraud or error
- Evaluate the appropriateness of accounting policies used
- Assess the reasonableness of accounting estimates made
- Review the overall presentation of the financial report
This is particularly pertinent in residential aged care, where quality annual audits support compliance efforts while confirming the Directors’ assertion that the entity is financially sustainable.
Most of our healthcare clients do not have an internal audit function, so an external audit is the only source of independent scrutiny for management, the Board and other stakeholders.
Why conduct an external audit?
Some of the key benefits your healthcare organisation can expect to achieve from a quality external audit include:
- Meeting financial reporting, risk management and governance responsibilities
- Identify opportunities for improvement in internal controls and financial reporting
- Support financial statement presentation
- Add credibility when seeking finance or investment opportunities
- Assist with due-diligence activities
- Support future IPO opportunities and grant applications
- May assist with the removal of Director’s personal guarantees
- Assurance of independent review of financial transactions and sustainability
- Ability to provide audit opinions for Prudential Compliance and grant acquittal
Key Industry Specialists
RSM’s quality audit approach
RSM’s specialist audit and assurance team will work closely with leadership teams right across the health sector – taking a 100% personalised approach and drawing on extensive healthcare industry experience to deliver a technically excellent outcome.
Our “no surprises” audit approach starts by gaining a robust understanding of your organisation, unique operating environment, from aged care services to hospitals, medical centres to community pharmacies, and your unique financial reporting requirements.
Following this, we will:
- Assess key business risks
- Assess audit risks of material misstatement of the financial statements
- Identify key management and internal controls to mitigate risks
- Perform audit procedures to address risks including fraud
- Provide an independent opinion on the financial statements
