If you are dealing in SMSF, you must know that Self-managed super funds require an annual audit. The right auditor does not always have to be a cost-effective one. They must be approved auditors within capacity to conduct a financial & compliance audit of SMSF.
It is important that you engage an approved auditor before 30 days of your audit. An approved auditor will request a letter of representation from SMSF trustees stating that the trustees have administered the account within due compliance of SMSF regulations.
Here is why you should engage services of professional auditors to manage your self-managed super funds:
1. A professional SMSF auditor will furnish a checklist to make sure that all requisite documents are provided.
2. A proactive auditor will provide you an audit report before the due deadline of submission of annual return. A lazy auditor can cost you hefty fines.
3. An auditor is someone you trust with the confidential information of your business. A professional auditor understands the seriousness of confidentiality in engagement matters.
An approved auditor will be registered with one of the following organizations:
- CPA Australia Limited
- The Institute of Chartered Accountants in Australia
- National Institute of Accountants
- Association of Taxation and Management Accountants
- National Tax and Accountants Association LTD
- SMSF Professionals’ Association of Australia Limited
Bearing with some extra pain to find a reliable professional SMSF auditor pays you in the long run. The relationship of a client & auditor must be one based on trust, mutual respect and integrity.
Want to know more about SMSF Auditor? Contact our experts on 1300 707 326 or [email protected] today