Tag Archives: SMSF

The most common problems we find with SMSF audits

When you have been doing SMSF auditing for as long as we have you get a feel for the common mistakes: Continue reading →

Why do we need to do a bank confirmation?

Trustees often do not understand why the auditor asks for a bank confirmation. The auditor must follow auditing guidelines and meet auditing standards. They must also comply with superannuation legislation.

The auditor can place greater reliance on evidence obtained directly from a third party  according to auditing guidelines.

Paperless audits?

Do you want to scan and email, scan and send a disk of the information required for the audit.

We can assist in these functions even if you have never delved into the ‘paperless’ world before.

Are you undertaking the accounting and audit functions

If you are undertaking the accounting and audit functions for your Self Managed Superannuation Funds, now is the time to think about the independence issue.  Mention was made in the Cooper Review that it is not possible to have both these functions performed within the same firm.

Are your Super Fund Deeds up to date

One of the most common problems we identify in the course of an SMSF audit is that the deed is not up to date.

That could mean also that the deed is not signed, dated or does not meet current superannuation legislation.