Expectations of Hiring an SMSF Auditor
Self-managed super funds (SMSF) are considered ‘do-it-yourself funds’ as they are a superannuation trust fund that is managed by you the individual. You may structure your super fund with either individual trustees or a corporate trustee. There’s a lot of responsibility that comes with the financial decision making of an SMSF including investment decisions and compliance with laws and regulations. It is your responsibility to establish an investment strategy which you will follow to manage and build your retirement savings. A requirement for your SMSF is that prior to lodging an annual return each year your SMSF must be audited by a registered SMSF auditor. SMSF auditor expectations, what are they?
An SMSF auditor performs a review on the validity and accuracy of your fund’s financial and compliance records and ensures that the fund is compliant with the Superannuation Industry (Supervision) Act 1993 (SISA), the Superannuation Industry (Supervision) Regulations (SISR), the ATO rules and reporting requirements. An audit also provides benefits to a business by uncovering opportunities in improving internal controls relating to accounting and record keeping. The SMSF auditor must be independent of the superannuation fund in accordance with the Code of Ethics for Professional Accountants (APES 110) which allows us to have a clear view of what is going on and provide the relevant opinions and feedback when completing the audit of an SMSF.
Below are a few expectations you should have when hiring an SMSF auditor.
COMMITTED
As previously discussed, an SMSF auditor does more than check a fund’s validity of financial and compliance records. We at SMSF Specialist Audit Group will add-value to your business. We will discuss and improve your internal processes using innovative ways to deliver the most optimal outcome you would expect for an SMSF audit process. We will provide valuable information to you so that you can make the best decisions ensuring that your SMSF clients are well looked after. As an SMSF auditor we are here to work with you to ensure that your SMSF remain a complying superannuation fund.
APPROVED
All SMSF auditors must be registered with the Australian Securities and Investment Commission (ASIC). As a specialist auditor we are required to provide a valid SMSF Auditor Number (SAN) upon conducting an audit. Being registered means that we meet important criteria in order to sign off on an SMSF audit report. This includes meeting competency requirements from professional accounting bodies and ongoing requirements of the Supervision Industry (Supervision) Act 1993 (SISA) and its Regulations (SISR). As a registered auditor we will ensure that your superannuation fund is SMSF compliant and you meet all your obligations.
EFFICIENT
Assuming all SMSF audit documents are available, we will complete the audit process within 5 (or less) business days. We complete our comprehensive audit process in an efficient manner and know that it is vitally important to our clients that these audits have a fast turnaround time. We do not forgo quality of our audit process in meeting our turn around times. Our auditors have at least 15 years experience in SMSF audit, three have worked for the ATO and conducted comprehensive SMSF audits for the regulator. Our experience in the SMSF Sector is far superior to most. As an SMSF auditor SMSF Specialist Audit Group will work with you to achieve a quality service that is comprehensive, efficient, reliable and completed in a timely manner. If any particular audits are urgent we can also meet these requirements, just give us the heads up when providing the audit documents.
FEE STRUCTURE
SMSF Specialist Audit Group fee structure is simple – we use a flat fee cost structure.
SMSF Specialist Audit Group are self-managed superannuation fund audit specialists who are experienced in providing comprehensive SMSF audit services to Accounting Firms, SMSF Administrators, Financial Planning Groups and Trustee’s Australia wide. Contact us today!