Due to the new APES 110 SMSF Auditors independence guidelines, it is possible that many SMSF auditors may not be able to find themselves "independent" anymore to audit funds where their firm (or network firm) has done more than "routine and Mechanical" administration for the fund.
If you think you are one of these firms, we have a solution for you.
Solution for SMSF Auditors
Most auditors do not want to be bogged down with marketing their services or spend too much time in invoicing and other administrative tasks of "running a business".
We have a solution for you - through our network, accountants who were auditing in-house or just want a quick & smooth audit without the hassle of dealing with one auditor are keen to use our portal to hand over audits to our auditors pool.
Once financial statements are prepared and signed by the trustees, they need to be audited before the income tax return can be lodged. Your job will be to audit the fund allocated to you after you are assured that your independence is not compromised. You will sign a contract with us where you will sign the usual privacy declarations and a restraint to not contact the accountant directly for any audit work - ensure that "SMSF Audit" happens smoothly and quickly - say within 10 working days.
Once the audit is completed - issue an audit report directly to the accountant on our platform. Our solution brings you and the SMSF administrator on the same platform. Below are the steps which you need to take to join our audit pool :
Step 1
Contact our office on 02 96384096 or email vc@trustdeed.com.au who will send you our contract. Once the contract is signed we will register you as one of the auditors of our audit pool. To see how the auditors page looks like use the below credentials
User Name: demoauditor@demo.com.au
Password: demo123
Step 2
We will provide training on how to use our SMSF audit software. This is usually done via a webinar. All software and technical SMSF Audit support is available to you for free. If you are auditing for other accountants - you can continue to do so on your account on our platform.
Step 3
We will allocate funds for you to audit - if you want you can add staff members who can help you to conduct the audit. Your staff can be working from any location in Australia or from overseas. If your staff is working from overseas, you must tell us as some administrators do not want auditors to work from overseas
Step 4
Once you issue an audit report - you must maintain a monthly spreadsheet / Invoice to us for all funds completed in the month. We will pay you to your nominated bank account in the first week of the following month after taking confirmation from administrator / accountant and checking online. You do not pay us to use our audit software. We pay you as per the below level of fee collected from the accountant / administrator less $110 - currently from this fee.
Step 5
If there are any queries on the fund, you will be dealing directly with the accountant / administrator on our online portal. If there are any technical SMSF specific questions, our online software has a forum which you can use or talk to our technical director.
Please send the signed copy of the contract to vc@trustdeed.com.au to create your account.
How much do you get paid for each SMSF Audit ?
When we register you, we will call you and demonstrate how the software works and how you can issue management letters, audit reports and issue Contravention reports online etc. There is no limit on how many funds you can audit and there is no fee charged for using our software.
We will send you a short contract and a spreadsheet / invoice where you keep a count on the number of audit reports issued in a month. We will also collect your bank details where we will pay you for each audit.
When accountants upload a fund for an audit, they will tell us what category the fund is - so that we can invoice them and collect money from their credit card as per the below scale of fees. The fee will be charged before you commence your audit.
We have tried our best to differentiate funds based on our experience and discussions with our SMSF auditors pool on how long it takes to audit a fund on our online SMSF Audit software, below are these 5 categories :
Type A
$440 Incl. GST : All Members are in accumulation phase. The fund has invested in cash and ASX listed shares and there are no complications in the fund.
Type B
$495 Incl. GST : Type A + some members are in pension phase and the fund owns 1 property without borrowing, additional property will be charged @ $110 per property.
Type C
$550 Incl. GST : Type B + 1 property has a borrowing; additional borrowing will be charged @ $110 per property. (e.g. a fund has 2 properties with borrowings - Audit Fees will be $495 + $110 + $110 = $715).
Type D
$605 Incl. GST : Type C + investments in personal use assets or crypto currencies or an in-house asset etc.
Type E
$660 Incl. GST : Type D + Investment in related trusts (such as 13.22C Trusts) or related non listed companies
Please send the signed copy of the contract to vc@trustdeed.com.au to create your account.
An additional fees of $165 will be charged if the fund has a contravention and an ACR has to be lodged with the ATO.
We invoice and collect the fee from the SMSF administrators before you commence your audit. We charge our fee as per our contract and pay you the balance. Our fee includes the use of onlinesmsfaudit.com.au software for the fund. Administrators do not pay any other fees to use our software and have signed a contract with us.
Why Choose Us
SMSF Auditors Hub is the only platform in Australia, where the accountant can simply upload the SMSF financials and supporting audit documents and expect the audit to be completed within 10 working days - without the hassle of worrying who is conducting the audit. We select our auditors very carefully, have a contract with them to ensure they work confidentially for our clients and check if they have the capacity to complete an audit within 10 working days. Our audit software was used to audit more than 80,000 SMSFs in 2019 financial year and continues to be the leading online SMSF Audit Software. Most Auditors claim that they save 50% of their audit time by using our software.
We guarantee the confidentiality of our client data through strict control over our infrastructure, as well as our physical and personal access rights.
Comprehensive support
As an experienced outsourcing provider, we offer high level of technical SMSF Audit support to our Auditors.
Quality
Our online SMSF Audit software is Second to None. The quality of the Audit working papers meets and exceeds the regulators and professional bodies requirements. We are very proud that many top 100 SMSF Auditors use our Online SMSF Audit software.
What Other SMSF Auditors Say ?
"Best SMSF Audit software I have come across - after trying all the others. Much needed updates are automatically included making each SMSF audit easier each time when changes in legislation occur.
Johan Kauffmann
SMSF Auditor Number 100034231 ,LKM Business Services
I am impressed by this software, the dividend checking and the market price verification has become so simple as it does it all for you, saves me so much time.
Benedict Or
SMSF Auditor Number 100123671 ,Chats Accountants & Advisers
I have been using this audit software since many years now. It is getting better with each passing day. I tried tax calculator for few funds and it is awesome! Really enjoy using this tool!
Fred Walker
SMSF Auditor Number 100144367 ,FL Walker Financial Services Pty Ltd
