Administrator to collate documentation and relevant audit schedules specified in or audit checklists. The checklists and schedules are available to download from our secure portal.
Self-Managed Superannuation Fund (SMSF) Audits
Our fees are set at a rate that reflects both the time required to complete a high quality audit and the competitiveness of the SMSF audit market.
For Accounting firms with a number of SMSF clients we offer a range of fee structures including fixed fees, scaled fees and an hourly rate.
We also enjoy working directly with trustees that are selecting their own auditor and we can provide a quote for an individual audit based on the size and complexity of the fund.
Why Veritas for SMSF Audits
We believe that SMSF trustees should insist upon a thorough and quality audit. We are not an ‘easy’ auditor, a statement we are proud of. All our audit engagements are conducted in full accordance with relevant professional, audit and assurance standards. We conduct rigorous, quality audits to obtain sufficient appropriate audit evidence on which to base our audit opinions.
Having said that, for clients with properly prepared accounts and available supporting documentation, our audit process is quite seamless:
We do not enter into agreed scheduling for audits. We work on a funds in basis with an average turnaround time of two weeks between receipt of all documents for audit and issuing of review points.
We do not enjoy having incomplete audits hanging around. Accordingly, we review responses to our review points promptly upon receipt and attend to issuing the audit report. We generally prefer to receive all responses to review points in one upload. However, our system and processes allow for partial responses and at times that may be more appropriate.
How the auditor can help with your SMSF Audit?
Part of our mantra is to ‘value add’ wherever possible and by as much as the audit process allows. For example, with SMSF audits we will report, for the information of the accountant of the fund, any matters we identify during the audit, such as franking credits not taken up or valid expenses that have not been claimed as deductions which are not material for the purpose of the audit but which we believe the accountant would want to be informed of.
Our SMSF audit program also includes a cursory review of the fund tax return and we are happy to take the time to report back any identifiable errors or omissions.
For each SMSF audit we issue a Management Letter for the trustee. In accordance with our responsibilities under the SIS Act we bring to their attention any matters that may be considered a breach of the governing legislation or where a breach may be about to occur. We have found over the years that prevention is far better than a cure.
If at any time during the audit process Veritas Audit form the opinion that a qualified audit report and / or an auditor contravention report may be required, we will notify the administrator before that report is issued. This is to allow any representations, further information or mitigating comments to be provided.
Auditor’s often walk a fine line between maintaining independence as auditor and providing advice to clients regarding whether or not transactions or investments may cause a breach of the governing legislation. Whilst we cannot provide specific advice in relation to potential transactions we are able to share our knowledge of the operation of the SIS Act and Regulations to help you understand the possible implications of a proposed client’s transaction.
SMSF AUDIT PROCESS
Upload documents to our secure portal. A folder will be established for your firm with a sub folder titled ‘Funds awaiting audit’. Our audit manager will automatically receive email notification and will schedule the audit.
Veritas will conduct the initial audit, on average within 10 business days of receipt of audit documentation.
If additional information is required Veritas will upload review points requesting that information. The administrator will receive an email notification of the upload. Our invoice for the audit will also be issued at this stage. The audit file will be moved on our secure portal to a sub folder titled ‘Funds currently being audited’.
If no additional documentation is required, the completed audit report and invoice will be uploaded. The administrator will receive an email notification of the upload and the audit file will be moved on our secure portal to a sub folder titled ‘Completed audits’.
Administrator to collate requested additional information and upload to the audit file on the secure portal. Our audit Manager will automatically receive email notification of the upload.
Veritas will review the additional information. When all requested additional information has been provided, the completed audit report will be uploaded. The administrator will receive an email notification of the upload and the audit file will be moved on our secure portal to a sub folder titled ‘Completed audits’.