How to Select SMSF Auditors
SMSF or a Self-Managed Superannuation Fund requires ensuring compliance using a thorough audit process. Your financial health is directly impacted depending on who you select as the SMSF auditor. This will also affect the compliance of your fund.
An important consideration
When selecting a professional to audit my SMSF is qualifications. You need to ensure the SMSF auditors are accredited. They should be registered with the relevant authorities. You can verify whether they are a registered company and if they are a member of a recognised professional accounting organisation. They should also be experienced when it comes to SMSF auditing matters. The requirements for this can be quite complicated therefore, it is important to select an auditor that has a solid track record. An experienced auditing organisation will be able to navigate potential challenges in the process and be able to handle various aspects of this auditing. You can ask about their experience or read about this on their official website. You need to check whether they have experience when it comes to auditing funds that are similar in complexity and size to yours. There are continuous changes when it comes to the regulatory landscape of SMSF so the auditor should stay updated on these changes and understand how this affects SMSFs. You can ask about how they maintain ongoing development when it comes to professional development. Ask about their process of staying updated with the regulations. This is very important as commitment to staying informed will ensure the compliance of your fund with current legislative requirements.
You should make sure that
The SMSF auditor is impartial and doesn’t have any conflicts of interest that can affect their ability to give an unbiased assessment of your SMSF fund. There are professional standards that they should adhere to so that an unbiased assessment can be provided. There are professional standards and ethics that they should maintain so that they can be independent when it comes to the audit process. Ask about their use of technology and auditing tools. This will improve the efficiency of SMSF auditing. By selecting an auditor that embraces technology, you can ensure a streamlined audit process. This will reduce the risk of errors as well and ensure a high level of efficiency in the process.
You can have an initial consultation
With the auditing organisation to get an idea of their level of communication. There are complex concepts that you need to understand when it comes to SMSF regulations and updates so they should be able to help explain these in a clear manner. Consider the way they approach your questions and provide clarifications. This will ensure that you have a good understanding of the audit outcomes as well. There should be transparency when it comes to the cost structure of the auditor. You can ask them to provide you with a clear breakdown of the fees involved along with additional charges. You should have a good understanding of the scope of services provided as per the quoted fee. Ask about additional work that can come up during the process and the extra costs involved.