Finding the Right Auditor for Outsourcing SMSF Audits
As of July 1, 2013 a large percentage of professionals will be required to outsource their SMSF audits, due to changes from ASIC that state all SMSF auditors must be registered.
SMSF Adviser predicted that just 50% of Australia’s SMSF auditors will register, largely due to the requirement of having to show a university accounting degree which includes a course in auditing. Some auditors have TAFE-equivalent qualifications, while others are struggling to obtain the information due to the time lapsed since completing the degree.
As a result, many accountants and financial planners will need to send their clients elsewhere for SMSF audits.
There are several factors to consider when choosing an SMSF auditor. While the first question is often in regards to price, it’s not always the most important. It’s essential to check other factors, such as:
- Is the individual auditor registered with ASIC?
- Is the auditor reputable?
- Do you know enough about the firm you will be using? How long have they been operating? Who exactly is the auditor that will be undertaking your SMSF audit? What other services do they provide?
- Is your client’s sensitive information secure in their data storage?
- What is the turnaround time for audits?