The new features will be released to users of the Evolv White platform in early 2020 and focus on allowing auditors to move to an exception-based audit approach by reducing sample sizes and automating the analysis of risk in an SMSF audit.
“The firm is excited to bring these changes to the market, allowing auditors to move to an exception-based audit approach without reducing the comfort level,” Evolv Super chief executive Arthur Favos said.
The features include an in-built tool to reduce sample sizes while retaining the appropriate checks for high-quality SMSF audits, as well as a new planning functionality that will automatically analyse the fund being audited and apply a risk rating at the beginning of the process.
The Evolv White platform will also use data feeds to assess the risk of an SMSF and provide suggested testing for the auditor, allowing users to focus on the parts of an SMSF audit with the greatest risk.
“Risk reduction in the SMSF audit space has always been a focus, and more so over the past 12 months with several high-profile litigation cases,” the company said.
“Evolv White clients understand the changing litigation landscape for SMSF auditors and require tools that reduce their risk while increasing efficiency.”
The company added that the new functionality was part of a series of improvements to Evolv’s software offerings that would roll out over the coming year.
