All your funds financial statements need to be scanned by an approved auditor every year. As SMSF is a long term investment with great returns it is good to get an approved SMSF auditor on board. So, that you can discuss your fund and take financial advice from them every year.
Are you clueless about choosing an approved SMSF auditor for your fund? Do not worry it happens with most of the non-financial industry folk. It is nightmarish to know that some SMSF auditors charge a ridiculous amount of money to audit your SMSF. Many new SMSF members are thus sceptical about hiring a good auditor because they don’t want to lose a lot of money. So, how do you hire an approved auditor who understands your stage of investment and comes within your budget?
Here are 5 tips you should know when you choose an approved SMSF auditor:
1. Free Consultation
All approved auditors who are looking for more clients give free consultation where you can ask them regarding the auditing process, FAQs, prerequisite questions and also learn about their fee. If you build trust and feel confident with their suggestions you can choose them and go ahead with the SMSF auditing procedure.
2. Compliance Check with Superannuation Rules
As financial experts in Australia, they know what rules and policies you need to fulfil to file a hassle free SMSF return. They check your entire financial statement and look for any errors and non-compliant investments. They are approved officials who help you not go wrong with your fund investments.
3. Must be Registered and Certified
An approved SMSF auditor must be registered with ATO. Look for an auditor and choose the one who is CPA certified with specialisation in SMSF. You are good to go if these qualification and skill sets match.
4. Confidentiality Clause
While signing up your approved SMSF auditor discuss the confidentiality clause upfront. You and your SMSF trustees would need certain assurances that their financial information and sensitive details will be protected all the time.
5. Turnaround Time
Last but not the least, ask your prospective SMSF auditor regarding the time they will take to audit your SMSF. Usually, the time to finish an SMSF audit is about 1 week. It involves gathering information and preparing all financial reports. The auditors scan all financial records for mistakes and give you a detailed analysis after the audit.
If you are serious about getting your SMSF audit done at the right price. Contact our experts on 1300 707 325 or [email protected] today.