Updated: Jul 16, 2019
Increasing complexity in SMSF compliance makes offshoring riskier than ever. With super reforms and new audit standards from December 2016, SMSF compliance is more reliant on professional judgement and therefore the appropriateness of offshoring audits comes into question.
New SMSF auditing standards came into effect from December 2016. With these new standards, offshoring could raise more issues than it solves. Even if audits are done oversees, compliance requires meticulous technical review as well as interpretation of new regulations. Is offshoring really fool-proof under the new regime and can it remain efficient after time spent on review?
Navigating the new SMSF regime is not an easy charter, and a quality onshore auditor can signal potential breaches in advance. Although low-cost audit solutions may seem attractive in the short term, it is wise to approach the new regime with caution. Penalties are costly. So the risks of offshoring may simply not outweigh the benefits.
How can we help?
As Australia’s most trusted independent SMSF auditor, we offer quality audits all undertaken in Australia. We also offer a Saul Audit Plus service which includes specialised support in navigating the new Audit Standards. We focus on providing the best quality and value-for-money service.
Read more about the Saul Audit Plus service.