Who doesn’t like saving money for future? But more important is to save in the right way. It is therefore important to consult a SMSF auditor who examines your SMSF’s financial statements and ensures that you have complied with the superannuation rules.
SMSF audit involves an approved auditor conducting a financial and compliance audit of your super fund. As necessary is SMSF, having the right SMSF Auditor is vital too. Let’s read few tips that will help you choose the right auditor:
- Research on the firm you are choosing for your SMSF audits. Your SMSF auditor should meet and fulfill your expectation.
- The auditor must be registered with ASIC.
- Check whether the auditing company uses a secure server.
- Ensure that the firm chosen by you for SMSF auditing will not outsource your financial statements to another firm. In case they do so, make sure you have it mentioned on the agreement signed.
- Your auditor should provide you with an audit report well before the due date of SMSF annual return.
- The auditor should be able to advise you on any problem that arises, to save you from penalties.
- Your auditor must provide you with a reliable and quick turnaround time to complete the work.
- Ensure that your SMSF auditor is proactive when it comes to dealing with the audit process. A disorganised SMSF auditor can cost you hefty fines.
- Ask the SMSF audit firm if they provide access to an audit or client.
Always proceed work after you have agreed on the terms stated in the engagement letter. Have a detailed conversation with your auditor about the technical advice and assistance that you require for submitting reports as well as rectifying breaches. Also, appoint a registered auditor at least 45 days prior to your audit.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.