Want to learn what responsibilities a SMSF auditor processing and auditing hundreds of funds every year in Australia has? Here is the best post for you to ponder and discover a SMSF auditors’ role and responsibilities.
Like every finance position, it includes a lot of number crunching and reporting. Everything requires both attention and accuracy. While customers are looking for compliance, tax deductions and getting their SMSF audited within a strict budget, auditors are advising, and helping people with very little financial understanding.
We have made a list of few things every SMSF auditor must have. It can be considered as their role and responsibilities too. Read and find out for yourself.
1. Get the check list filled
Many SMSF auditors share years of relationships with the clients, helping them with accounting, or financial advisory in their business. But if it is a new association, the first important responsibility is to get the SMSF checklist filled. All the important details about the trustee and documentation is needed for successfully processing and auditing their fund.
2. Audit the SMSF
Once you have the check list and documents, an SMSF auditor with start auditing the fund and give you updates within a week.
3. Prepare compliant reports and Contravention Reports
The major reason people hire an approved auditor is for the ATO compliant reports. Auditors help the trustees get tax deductions on their savings and investments in their fund. But a major role of an SMSF auditor is to generate contravention reports too, because some SMSF owners might be investing improperly.
4. Guide the SMSF Trustee/Client
Like in the previous responsibility, if the contravention report is generated, there is some problem with the fund. If SMSF investments are not in line with ATO rules and regulations, the auditors help the client by guiding them thoroughly and helping them transfer assets and start investing diversely.
5. Share Tips and Financial Advice
Most important responsibility is to communication, share and advice. People who hire SMSF auditors know less about investing right and making the most of their SMSF. Auditors can extend their role and share financial investment tips to help the fund trustees and members.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.