With more and more financial service providers blooming lately, it becomes important to choose one that will fit the requirements of your service. It is best to ensure that your SMSF service provider is in sync with your firm’s culture, values, client policies and operations.
Here is a checklist of questions you must ask your SMSF administrator:
1. How much experience does your firm hold?
Higher experience in SMSF service industry means deeper understanding of the market, higher adaptability to the dynamic super rules with more experienced team.
2. Do you outsource services to some other firm?
Sometimes, firms do that to save on costs or when they have bulk projects in hand. In that case, whether the firm is qualified and whether it would affect the standard of service are the concerns, you must put in advance. In case the firm offshores accounting or audit work overseas, it has been made mandatory (as per APES 110) to seek permission from clients. Outsourcing services should also be in agreement with APES 320 and APES 325.
3. Is/are your SMSF auditor/s registered with Australian Securities and Investments Commission (ASIC)?
Individuals are registered with ASIC not firm. If yes, do they mention their names on company’s website? Verify they are not on the ASIC’s banned and disqualified SMSF auditor list. Also, to conduct an audit the auditors must adhere to the auditor independence requirements produced by the Accounting Professional and Ethical Standards Board as set out in the APES 110 Code of Ethics for Professional Accountants.
4. Does the firm have systems in place to maintain complete confidentiality as to your firm’s documents?
Ask if their portal is secure enough to keep the client-sensitive financial information safe from hackers. Learn in details regarding the technicalities.
5. Is the SMSF technical advice and tax assistance included in your service?
If your SMSF expert can save you good deal of tax money, it is okay to spend a few bucks more for the services.
An SMSF auditor and accountant’s relationship is one based on mutual respect and professional trust. Practice due diligence in the course of employing SMSF auditor and make an informed choice.
We, at Dhan, are one of the country’s leading audit service providers for Self Managed Super Funds (SMSF). Our highly qualified and experienced team of ASIC approved auditors provide timely, independent and reliable bulk audit solutions to financial firms.
Want to know more about SMSF audits? Contact our experts on 1300 707 325or [email protected] today.