Evolv Super Audits develops new automated risk tools
SMSF audit software firm Evolv Super Audits has developed a new automated risk and exception-based digital approach which automatically directs auditors to investigate transactions which are identified as a potential risk.
Evolv has developed a new audit by exception planning tab that helps direct the focus of auditors onto key areas of risk and keep audit costs down.
Risk reduction in the SMSF audit space has always been a focus, explained Evolv, and with the changing landscape for SMSF auditors, they require tools that reduce their risk while increasing efficiency.
“Taking full advantage of data feeds being adopted by most SMSF professionals, Evolv White uses this data to assess fund risk and provide recommended testing for the auditor. This allows the auditor to focus on the parts of the audit with greater risk,” the audit software firm said.
“Evolv set out to address the question of how much audit evidence is enough. By automating the audit plan, we as auditors can focus attention on the most litigious part of the audit.”
Evolv Super Audits chief executive Arthur Favos said the firm is excited to bring these changes to the market, allowing auditors to move to an exception-based audit approach without reducing comfort level.
“The new planning tab has been thoroughly tested by our own auditors and we are excited to make this available to all our Evolv White clients,” Mr Favos said.
“Evolv is always innovating and our new planning tab is another example of this and how we continue to provide SMSF professionals with efficiencies and protection.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.