Auditing a SMSF is not easy. As auditors must be satisfied that the trustees of the fund have met all the requirements set out in the superannuation law and the financial statements are true and fair. Auditors play a crucial role in the compliance framework of the Australian SMSF system.
One of the main responsibilities of the SMSF auditor is to report an "event" within 28 days of completing the audit, which is an action or inaction by the trustees that may lead, or has led to one or more contravention to the SISA & SISR that has been breached by the trustees.
The role of an auditor as a gatekeeper and a watchdog for the ATO and ASIC may be further exploited with the advent of the new penalty regime. That is, if auditors fail to notify the trustees in writing or report to ATO, all the required items, a penalty of $8,500 (for each offence) can be imposed. A penalty, including imprisonment for 12 months, can also be applied if an auditor (as the first auditor) tells another auditor (a second auditor) that he has reported to ATO and a trustee about a matter that must be reported but he has not reported it to ATO and the trustee about that matter.
An approved auditor must possess the required capabilities and competencies to conduct a compliance audit of a SMSF, including full knowledge of all the relevant auditing standards, legislation and the application of it to the SMSFs they audit.
From 31 January 2013, the ATO no longer has the power to refer auditors to their professional associations or disqualify them from being an auditor. ATO will instead refer relevant matters to ASIC for them to consider appropriate action, including a disqualification as an approved auditor under Section 239D of SIS Act & RG 243.87.
The writing is on the wall - follow the rules or get out of the SMSF auditing space.
On the other hand, there are opportunities in the SMSF space. About half the number of SMSF auditors could get approved by ASIC by 1st July 2013, going forward, it is expected that 30,000 or more new funds will continue to be created each financial year as Generation X starts engaging with their super as their retirement vehicle.
This means that fewer auditors will have to audit more SMSF's.
Problem: It takes too long to audit a super fund properly.
Solution: Complete a 100% quality SMSF audit on cloud IN LESS THAN HALF THE TIME.
Australia's First Online SMSF Tool
www.onlinesmsfaudit.com.au
The "online SMSF audit" program is an exciting Australia's first such software that allows audits to be planned and conducted comprehensively in line with the Australian Auditing Standards, Standards on Assurance Engagements, Superannuation Industry (Supervision) Act 1993, Superannuation Industry (Supervision) Regulation 1994 and Income tax act and other applicable legislation.
We been building a cloud auditing tool since July 2012 and we are pleased to invite you to use the tool yourself for the first time. This cloud software has numerous features, such as
ü Any data an accountant or trustee uploads to the website will be 128 bit encrypted with the strongest available algorithms. All SMSF documents are secure on easy to navigate menus;
ü Comprehensive audit program & a dynamic checklist that changes with every change in legislation and enhances the quality of audit & even manages your invoicing;
ü All permanent and year end audit evidence are on cloud - which gives you convenience to conduct a SMSF audit from anywhere 24/7 - no more scanning and storing documents;
ü Automatically generates & emails to the accountant and trustee all your reports including audit engagement letter, working papers, management letter, audit report in a secure pdf format;
ü Ability for trustees and Accountant to access and upload audit evidence on the system for the auditor to audit and view progress of Audit - a total data & document collection package;
ü Allows seamless communication between the accountant & auditor via a tree structured query system. Accountant and auditor exchange information within the CRM system;
ü Continuing FREE Technical Support on complicated SMSF Audit Issues via an online chat system or via a dedicated telephone line - FREE auditors back end research library:
ü Competitively priced, as low as $7 per audit.
This software can work under your website or the accountant's website - hence your clients or you do not have to visit our website to use it - trustees can visit the accountants website and upload documents, accountant can then complete the accounts and income tax return and upload it for you to audit on your own website.
SEMINAR
LAST CHANCE TO BOOK
"Challenges of SMSF Audit in the new world of Cloud Accounting & RG 243"
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Introduction
ATO in their compliance focus for 2013 -14 has clearly stated that they will not tolerate breaches which go un-reported and plan to check 16,200 SMSF's on income tax and regulatory obligations. 160 auditors will also be checked for competence including via contravention reports. Hence auditors must keep good quality working papers, audit complex funds and be aware on how & when to lodge an ACR with ATO.
Topics Covered
1st Session: Automation in SMSF audit brings reliability, consistency, speed and quantity without sacrificing quality. By using a smart interactive interface, SMSF auditor gets peace of mind and assurance that nothing is left out in the audit process. Like most administration softwares, you will learn how SMSF cloud auditing is helping auditors complete a SMSF audit in half the time.
2Nd Session: Not every breach has to be reported to ATO, In this session you will learn which events trigger ACR lodgement. Importance of Compliance audit Vs financial Audit and how to go about reporting to ATO when you find that the fund has contravened SISA or SISR.
Final Session: Advanced LRBA issues: date and stamping of Bare Trust deed, refinance deal, internal lender issues, Nil interest rate charged by related party, land tax threshold, repayment of loan, sale of property etc
Benefits / learning outcomes
On completion of this session attendees will be able to
1) Use an online cloud based auditing tool;
2) Identify and report funds which have breached SISA and SISR;
3) Audit funds with confidence which have borrowed to purchase a single acquirable asset.
Cost: $380 - Tea & Coffee and Lunch also includes Use of software for 10 funds worth $150.
Time: 9.30 am to 5.00 pm
How to Book: - Visit online and pay via credit card ttp://www.onlinesmsfaudit.com.au/SeminarBooking.aspx
or phone 02 9684 4199 and book using Electronic Funds Transfer
Venues:-
16th
Sept - ATMA Training Centre : Suite 702, 12 Ormonde Parade Hurstville
(2 Spots Left)
18th Sept - Mercure Hotel: 106 Hassall Street - ROSEHILL
(1 Spot Left)
24th Sept - Burwood RSL: 96 Shaftesbury Road Burwood
(4 Spots Left)
1st October IPA Training Centre: Level 14, 447 Kent St, Sydney
(7 Spots Left)
(Delegates must bring their laptops for 1st Session)
Speaker
Manoj Abichandani SSA, A SSAudSSAud, CTA, FIPA
Manoj is a seasoned speaker at various professional discussion groups. He has worked in the SMSF industry for the past two decades as a tax agent, accountant and SMSF Auditor. He has helped over 1750 funds to borrow to purchase property since 2007 and is probably one of the most experienced advisors in this field. His audit firm audits more than 1400 funds each year for various accounting firms which puts him in the top 50 SMSF Auditors (as per ATO) in Australia. He has created an online SMSF audit tool which can be used by all SMSF auditors.
He currently works as SMSF Technical Director at www.trustdeed.com.au where he develops new SMSF strategies and advises trustees & practising accountants on complex SMSF matters.
CPD Hours
This seminar is accredited by IPA and ATMA for 7.5 hours. As you may be aware, approved SMSF Auditors must satisfy a requirement to complete 120 hours of CPD over each 3 year period which must include 30 hours of development on superannuation and at least 8 hours of development on auditing SMSFs as per RG.243.88 - 90, Section 128F(a) of SIS Act and Regulation 9A.04 of SIS Regulations.
