smsf audit related tips

   SMSF Auditing Software Online SMSF auditing software allows SMSF auditors to access SMSFs online. It works in the same way as a desktop software solution. This will enable auditors to plan and execute audits according to Australian Auditing Standards. These standards include the Auditing Guidance Statement (GS009), Superannuation Industry Supervision Act 1993, Superannuation Industry Supervision Regulation 1994, and the ITAA 1936, 1997. You get SMSF specialized experts who will advise you on flaws and changes in your SMSF so that you will take appropriate measures. Online SMSF auditing software can eventually save time—the auditor's end, but the accountant's as well. The challenge lies in integration and setting up. There are many solutions, but they are not always directly integrated with the SMSF accounting software. This is, however, changing quickly. Manoj Abichandani, the brain behind onlinesmsfaudit.com.au, is an expert on online SMSF products. This episode will be a

The work of SMSF auditors does not end with just SMSF audits. Their work also gets reviewed by none other than the ATO. That’s why SMSF auditors are expected to be always vigilant. If you are wondering what the ATO looks for in SMSF audits, we have got the answers.   Points that ATO looks for in an SMSF audit 1.                Threats to the SMSF auditor’s independence To make sure that there is no such threat, the ATO usually ensures that: ●        SMSF auditors have not audited their own or immediate family’s fund. ●        Auditor or the audit firm’s employees have not prepared the SMSF accounts. ●        Auditor wasn’t involved in a reciprocal arrangement i.e. if two independent auditors were not auditing each other’s SMSF. 2.                Completion of audit documentation In this regard, the ATO focuses on the following areas: ●        If the written audit plan and strategy are there on the file along with the audit checklist. ●        If the signed engageme

   SMSF Audit Services Get your annual SMSF audit done with experienced SMSF accountants at Auditax panel. With years of service and expertise, our auditors can guide you about the shortcomings and improvements in your SMSF so that you can take timely action. Having knowledge of all superannuation rules, our auditors alert you if you are lagging anywhere. Experience counts when choosing an SMSF auditor , isn’t it?

  Outsourcing SMSF accounting? Here is what you should know! Are you looking for an outsourcing option for a self-managed superannuation fund that you are managing as an accountant on behalf of your client? If you have already started looking for this option, just stop and think. What are those things that you should be considering before you make this major decision to outsource SMSF accounting? You can relax if you are not sure about this. We are going to tell you all considerations you need to keep in mind if you are running an accounting firm or you are a chartered accountant and planning to outsource the SMSF accounting to another organization. Read each consideration carefully and make sure you consider each of these when you outsource your SMSF accounting assignments the next time. Level of experience Before outsourcing SMSF accounting to any outsourcing partner, you need to ensure that the company should have solid experience and proper expertise in this field. Well, you