New Financial Year: New Approach
The start of the new financial year is a great time to take a new approach to your SMSF audits. Wise selection of an auditor will help you gear up for a successful year ahead and comply with the upcoming obligation for independent audits.
Can You Continue to Audit your own SMSF Clients? New Financial Licensing may prevent you from auditing your own SMSF clients – not even via a Chinese wall – so it’s time to think about making a smart choice for your Practice.
Considerations when choosing an Auditor
1. Are You Confident In Your Auditor’s Expertise? Compliance requires professional judgment by a competent individual. Auditor competence is an issue with the ATO as they set new provisions and raise audit standards. Set yourself up for quality outcomes by choosing an auditor with a longstanding ASIC registration, accreditation with SPAA as a specialist SMSF Advisor as well as a successful track record and a solid reputation.
2. Is Your Back Covered? Penalties for non-complying funds are onerous and the ATO is getting tougher. Protect your clients – and your firm - by ensuring you get the best professional advice from an experienced auditor you really trust.
3. Efficiency and Value Does your auditor optimise technology to offer a streamlined, efficient service? Effective use of technology can minimize time wasted on administrative tasks and free up time for invaluable review and advice, which in turn means you spend money where you gain value and not where you don’t!
4. Reliability A quick reliable service will keep your Practice running smoothly. Choose an auditor who guarantees a quick turnaround time within weeks.
5. Sleep Well Test While price is always a consideration, a decision based on price alone is false economy. Protect your clients and your practice by making a wise choice… and sleep well!
Meet with the Experts
As the most trusted and reliable SMSF audit service in Australia, we would be happy to have a complimentary meeting with you to discuss how we can improve your audits to ensure quality outcomes for your practice.
Contact us for more information.