If you are running self-managed superannuation funds, you have to make sure that approved SMSF auditors properly audit the fund. New rules and regulations for SMSF audit have become very strict. Intra-office auditing has been rolled out already. As a result, you need to get the services of an approved auditor who has the right SMSF training. It may lead to an additional cost of management, but you can ensure that your Super funds will be able to comply with the current auditing requirements of the ATO. And most important of all, there are many concrete benefits that you can get from a professional audit.
Efficiency, both in cost and time, is one of the biggest benefits of hiring a seniors SMSF auditor. You have to remember that SMSF training takes time and will cost lots of money. By only paying fixed or negotiated SMSF audit fees, your accounts will be properly audited according to the official standards. It means fewer hassles for you in auditing self-managed superannuation funds. Your fund can be audited faster, and you can avoid costly mistakes. Because of the efficiency of professional SMSF audit, you will be able to save money for the long term and at the same avoid legal issues that may arise due to improper audit.
Second, it is a requirement by the ATO to have third party SMSF auditors to audit your fund. Even if you think your office has the appropriate system for auditing self-managed superannuation funds, you still have to comply with existing regulations. Apart from official compliance, an SMSF specialist will ensure that that the audit can be done correctly. Professional auditors have received the right SMSF training. They have the proper accreditation to conduct annual audits of accounts. These advisers can help you comply with the requirements for maintaining SMSF accounts.
An auditor with the right SMSF training should be hired 30 days before the due date of the SMSF return. As the trustee or holder of the fund, you are required to appoint approved SMSF auditors each year. A letter of engagement that provides the details and scope of the audit should be made. You have an obligation to provide documentations to the auditor to ensure accurate SMSF audit. The auditor, on the other hand, will see to it that your account is complying with the official rules and regulations for maintaining self-managed superannuation funds. You can expect to get a comprehensive report from your SMSF auditors before the annual SMSF return.
The auditor is mandated to give a finalised report before the lodgment date of the annual SMSF return. So you need an accountant who can work fast without sacrificing accuracy. The ATO also requires auditors to report concerns and issues about compliance. Specifically, you will be notified if the funds and its financial position are still complying with the law. And lastly, the seniors SMSF auditor is required to report contraventions or violations of the rules that may be uncovered during the auditing process.