🇦🇺Australia

Audit Preparation Cost Overruns

2 verified sources

Definition

Annual audit preparation involves detailed evidence gathering under Australian Auditing Standards. Inadequate records lead to additional auditor procedures, inflating fees.

Key Findings

  • Financial Impact: AUD 20,000-50,000/year overrun (auditor fees for extended work); 40-80 hours staff time per audit.
  • Frequency: Annually
  • Root Cause: Poor financial record-keeping delaying auditor access to evidence

Why This Matters

The Pitch: Think Tanks in Australia 🇦🇺 incur AUD 20,000-50,000 extra annually on prolonged audits. Automation streamlines data provision to auditors.

Affected Stakeholders

Executive Director, Accountants, Board Members

Deep Analysis (Premium)

Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

ATO Audit Failures & Penalties

AUD 10,000+ per modified audit (ATO penalties for BAS/GST lodgement failures during audit prep); 50-100 hours/year manual rework.

Fraud Detection in Audits

AUD 5,000-100,000 per fraud incident (plus audit qualifiers); remediation costs post-audit.

STP Phase 2 Contractor Reporting Delays

AUD 222-1,110 per late report + 40 hours/month manual reconciliation[LOGIC]

ATO Superannuation Guarantee Penalties

AUD 200-600 per employee per quarter SG Charge + 200% interest on shortfall[LOGIC]; typical SME fine AUD 5,000-20,000/year

Fair Work Contractor Misclassification Fines

AUD 66,600 per breach civil penalty; backpay + interest up to AUD 50,000[LOGIC]

PAYG Withholding Non-Compliance Penalties

AUD 2,220 max penalty per failure + 100% of unwithheld amount[LOGIC]

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