From 1 July 2013 SMSF Superannuation Fund auditors must be registered with ASIC.
Many Accountants will need to find a new Auditor who is registered with ASIC. If you are not sure that the Auditor is registered, you can go online to ASIC and check.
Hopefully this new regime of registration will ensure that Auditors have the right skills to perform the audits.
Under new rules from 1 July 2013, SMSF Auditor registration is mandatory if you are to audit self managed super funds.
Bernadette Pitcher was registered on 14 June 2013. SMSF Auditor number 100196629
At Audit My Fund, we are paperless. Accountants generally scan and email documentation for the audit or use Drop Box.
This works well as the the accountant and the auditor both have a record of all documents and we never have to deal with misplaced paperwork.
SMSF audits for 2013 are coming up.
Technology should be making it easier to process the accounting work for super funds. Downloads directly from the banks to the software and online documentation should be assisting accountants.
Accountants can save themselves some possible headaches at audit time by contacting Trustees to ensure the minimum and maximum pension amounts have been followed before June 30.
It seems to come around quicker every year. 15 May is here and gone again and hardly time to take a deep breath in between.
How can we help make it easier?
Let us do some of the preliminary work earlier e.g. obtain title searches, bank confirmations where necessary,share registry confirmations. Any of this work can be performed before the accounting work is completed.
Let Audit My Fund ease the pressure. Call us today on 03 93865810
Here we are in May and the due date for lodging Super Funds is looming.
I often ask myself “what can we do to help accountants avoid the bottle neck”. I have also asked accountants the same question but so far no one has really come up with a solution.
Is it that accountants are constantly under so much pressure that everything just gets pushed back until it can’t get pushed back any more. It has to get better than this because, before you know it, we are back at July 1 and we all start over again.
As an auditor and formerly in Practice for many years, I know how stressful it is, and therefore and am more than willing to assist if there is anything I can do.
Even if the accounting work is not finished, we could be verifying some assets to start the process.
We are given paperwork for term deposits and often the paperwork is dated well before the end of the financial year. There is no way of knowing if the term deposit is still in existence. If the term deposit has matured and been paid out, we should see proof of that event. If the term deposit is still in existence we will need to verify that by way of bank confirmation.
The most common issue we find when commencing an audit is missing information.
If a super fund holds shares, we can find most information if we have the HIN. By going online, we can see the transactions and the dividend information. Sometimes the fund will have more than one HIN and we can spend a lot of unproductive time looking.
The Trustees of Self Managed Super Funds often rely on the annual accounts to see what the value of their fund is. There are also some Trustees who are actively involved in the management of the assets and know exactly what their investments are doing.
It is not very helpful to receive the financial accounts six to nine months after the end of the financial year and realise that some input at an earlier date may have increased the value of the fund.
Most software for super funds these days can generate up to date reports. This would entail getting the work in earlier and would assist in not having that bottleneck that accountants find themselves in around this time of the year. Clients love to have up to date information, they usually just don’t know how to go about getting it.
For many years firms have prepared the financial accounts for super funds and also audited the funds.
Why should the audits be outsourced?
-Takes away the cost of training your staff in your office
-Your relationship with your client is fully protected
-The auditor has P I Insurance