If you are a holder of a Self-managed super fund (SMSF) it is essential that you arrange for a professional SMSF auditor to help assist you in the annual arrangements and general auditing of your SMSF accounts, monthly fees, and taxes but you need to have a diploma quality auditing to be more professional.
As of July 2013, all approved SMSF trustees are obligated to use a professional and approved SMSF auditor to audit their super fund.
An expert SMSF auditor will guarantee the quality control of your SMSF, and to oversee the ongoing compliance to SMSF obligations. The SMSF auditor provides a thorough and reduced risk audit of you SMSF and associated costs, and oversees the compliance with the SMSFs rules and guidelines.
Unlike other commercial super funds, a SMSF requires you, as the trustee, to arrange and look after your superannuation benefits, meaning you have the responsibility to outsource and hire your own SMSF auditor to oversee both the administrative and tax obligations involved with the operations of your fund. Go here to learn more about auditing.
The SMSF auditor will review your fund at the end of every year to ensure your fund remains compliant with the current guidelines.
The SMSF auditor will provide a checklist of the documents needed to perform the review. As an example, the documents generally required for the audit include basic statements such as financial and bank statements, contracts and statements for all shares held, evidence of ownership documents, information of any loans associated with your SMSF, and details and statements of other members of your SMSF.
SMSF audit fees and charges are dependent upon your assets, and how many funds you have. It is also necessary to hire an SMSF auditor. If your SMSF is funded by higher-risk assets such as direct property, then an auditor is an absolute must to ensure that your SMSF property is in compliance with the ATOs SMSF property investment rules.
Your SMSF audit can only be carried out by an approved SMSF auditor, and failure to do so will result in harsh penalties. It is not the most exciting or quickest of tasks involved, however it is a necessary component of your SMSF. As the level of complexity and responsibility grows with a self-managed super fund, it is crucial to hire a professional auditor to oversee the auditing process to ensure that you or your members aren’t at risk of breaching any guidelines connected with a SMSF.
An SMSF auditor will act in complete confidentiality, and will make sure that the management of your SMSF is in both yours and theirs best interests. The process of finding, hiring, and using a SMSF auditor can be costly and time-consuming, however it is a small price to pay for long-term prosperity.
If you seek the services of a SMSF auditor, you can find many professional services available online.