Cost of audits

An audit typically costs around $135/hr, but this price can still go up or down depending on the specifics of the task. For simpler auditing jobs or for non-profit audits, an auditor’s rate can be reduced to about $89/hr. Meanwhile, more complex work has a higher fee reaching as much as $228/hr.

Where do these prices come from?

All prices stated in this article are based on FY 2016 pricing data compiled by ServiceSeeking.com.au. The figures resulted from a comprehensive analysis of quotes submitted by Auditors on the site from July 2015 to July 2016.

How to determine the cost of audits

Although auditing jobs have a standard price that is commonly followed in the industry, a few variables can still affect the final cost. You can end up paying higher or lower than the average rate, so it’s best to have an idea how certain factors influence the actual price of the job. Here are some of the things that auditors usually consider when giving quotes.

Type of audit

Audits can be done on SMSFs, real estate trust accounts, solicitors trust accounts, etc. Typically, an audit on a solicitor trust accounts is cheaper than an SMSF audit. However, other variables can still come into play, so a simple audit on a solicitors trust account can cost less or the same with a complex audit on a real estate trust account.

Complexity of the job

As mentioned earlier, the difficulty of accomplishing an audit has a huge impact on the actual price you’re going to pay. Make sure to give as many details as you can about the job so that businesses can send you accurate quotes. This way, you won’t be surprised at the cost of auditing services.

Urgency

How soon do you need the job done — in a few days or couple of weeks or there’s really no strict deadline? Obviously, if you need it done ASAP, auditors will charge you a higher rate than usual. This is because they would have to work double time to meet your expected date of completion; they would have to exert more effort to finish it on time.

Auditing costs across Australia

In New South Wales, professionals charge $120/hr on average for an auditing job. Meanwhile, the same service costs approximately $150/hr in Victoria. Prices vary from state to state due to the different levels of demand for the service and other local circumstances.

Remember to hire only qualified professionals to do audits for you. Fortunately, you can find lots of reliable and knowledgeable auditors on ServiceSeeking.com.au.

Pricing information correct as at August 2016.

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