All About SMSF Audits provides online audit services for a Self Managed Superannuation fund across Australia, working with accountants, advisers, trustees and other businesses. The firm is an independent Chartered Accounting SMSF audit practice with ASIC-registered SMSF auditing experience and uses a cloud-based system to service clients Australia-wide.
Understanding Self Managed Superannuation Funds
A self-managed superannuation fund gives its trustees responsibility for managing the fund and meeting its legal and reporting obligations. An SMSF must have an approved auditor conduct an independent audit every financial year, even if there have been no contributions or payments during the year.
The audit examines the fund’s financial statements and assesses whether the fund has complied with relevant superannuation legislation. The audit must be completed before the SMSF annual return can be lodged.
Online SMSF Audit Services
An online audit process can make it easier for accounting firms and advisers to manage SMSF audits for clients in different locations. All About SMSF Audits operates through a cloud-based system and provides services to clients throughout Australia.
The firm works with accounting professionals, junior staff and SMSF members. It can operate as an accounting firm’s dedicated SMSF audit team or provide additional support alongside an existing audit arrangement.
Independent SMSF Auditing
Independence is an important requirement when auditing an SMSF. The ATO states that auditors should not audit a fund where they have certain financial interests or close personal or business relationships with members or trustees.
Approved SMSF auditors also need to meet relevant professional requirements, including independence standards, Australian Auditing Standards and competency requirements.
Using an independent audit practice can help accounting professionals maintain appropriate separation between accounting and audit functions.
What Does an SMSF Audit Cover?
An SMSF audit includes both financial and compliance components. The auditor reviews the fund’s financial information and considers whether the fund has complied with applicable superannuation requirements.
Trustees or their professional advisers need to provide the auditor with relevant documents relating to the fund’s accounts and transactions for the previous financial year. If an auditor requests additional information in writing, the ATO advises that it should generally be provided within 14 days.
Planning Your Annual Audit
Planning an SMSF audit ahead of the annual return deadline can help trustees and accounting professionals manage the required documentation and review process.
The ATO recommends appointing an approved SMSF auditor no later than 45 days before the SMSF annual return is due. The auditor must also be registered with ASIC and have an SMSF auditor number.
Keeping financial records and supporting documentation organised can make it easier to respond to audit requests and address any issues identified during the audit.
Efficient Audit Support for Businesses
All About SMSF Audits states that its average audit turnaround is three business days and that it works with accounting practices ranging from boutique SMSF specialists to larger firms managing substantial SMSF portfolios. Actual timing can depend on the information supplied and whether additional documents are required.
The cloud-based process allows accounting professionals and trustees to submit information remotely, which can be useful for businesses managing SMSFs across different locations.
Choose an SMSF Audit Partner
Managing a Self Managed Superannuation fund involves ongoing responsibilities, including arranging the required annual independent audit. Working with an appropriately registered and independent SMSF auditor can help trustees and accounting professionals manage this part of the compliance process.
All About SMSF Audits provides online, Australia-wide SMSF audit services for accountants, advisers, trustees and other businesses. Contact the team to discuss your audit requirements and the documents needed to get started.
