A self-managed super fund which is also called SMSF is a way for you to gain more control over your retirement savings. However, there is a requirement for an annual audit when you manage an SMSF and it is important you select a company that can ensure compliance and financial security.
First of all, you have to understand the fundamentals that affect SMSF auditing.
According to the Australian Taxation Office, it is mandated that all SMSF’s should be audited annually. And this should be carried out by an approved SMSF auditor. The audit is carried out to check the compliance of the fund with the superannuation laws. You can also find online auditing services such as Eagle Estate SMSF audits online. When selecting an auditing service, you have to check whether they are registered with ASIC which is short for Australian Securities and Investments Commission. They should also be listed on the ASIC SMSF auditor register. Auditors that can be found in this register will have the qualifications and the experience to comply with the required professional standards. You should also check whether the auditing company has any financial interest in the SMSF; they should not be related any of the trustees or members as it is very important to maintain the independence of the auditor so that the integrity of the process can be achieved.
Consider the experience of the auditor
And you can check whether they specialise in SMSF audits as well. An auditor that already specialises in this field and has worked for a long time in it will have a good idea when it comes to identifying issues in compliance or irregularities in the financial statements of the fund. They will also be able to notify you if there are any irregularities in the fund operation. Before you select a service, ask them how manySMSF audits they have conducted annually as well as the qualifications of their auditors. The superannuation laws and regulations are subject to change so you have to select an auditor that is well aware of these changes and able to ensure compliance. You can research more about the SMSF auditing service by checking their official website. It is important to select a reputed company for auditing services so that you have some assurance about their reliability and performance.
You can ask others in your professional network
And trustees to provide recommendations on auditing professionals. You can also check online reviews and testimonials to get a better idea of the auditor’s reliability. You can ask the auditing service for references as well so that you can contact their previous clients to ask about the reputation of the service. You can have an initial consultation with them to get an idea of their communication. There has to be timely communication when it comes to the auditing process so that any issues can be quickly resolved. Check the communication methods used by the auditing service and the accessibility of these methods.