From our small business to yours: how to outsource your SMSF audits
Promoted Simply Super
How can small accounting firms start outsourcing their audits from small business auditors across Australia and what should you be looking for in an auditor?
I was chatting to a fellow CPA member recently about outsourcing his SMSF audits. As someone from a small business and regional town I see the importance in a personal partnership with my auditor and understand the concern over having security and a direct contact within my outsourcing.
Here’s how our conversation went...
“As we move forward into tightening the audit requirements of SMSF, that will affect smaller firms as well as larger firms. For those in private practice going to move or organise audits of SMSF going forward how are you planning on outsourcing this area? Or more specifically, advising the clients who they should use.”
As a small business owner myself I fully understand the need and concerns around outsourcing your SMSF audits. There is a trusted relationship with the client that needs to be maintained in a professional manner. I’ve written an article on 5 questions to ask before starting this partnership, you can check it out here.
“Are you looking at audit firms in your area or outside your area?”
Simply Super currently does audits for a number of smaller accounting practices across Tasmania, Regional Victoria and NSW, so yes! The introduction of technology and secure processes allows for a smooth online service whilst still maintaining personal contact with our team of local auditors.
“If you audit an SMSF outside of your region how do you want the information provided to you?”
We have developed some in-house software called Simply Submit that allows a direct transfer of information from our referring accountants server/PC to our server through a series of authenticating IP addresses. We have used programs such as Dropbox in the past but have found these to be insecure (often due to operator issues etc.)
We have also found over the past couple of years with the domination of Class and BGL360 in the marketplace we are now utilising software called Cloudoffis that allows a link on ledger information from this software. We have also noticed it seems as though BGL360 are now also passing documents at the transaction and also account level.
Utilising technology whilst also employing local accountants and auditors we have found to be a great mix for us and our referring accountants.
Need more information on deciding which is the right auditor for you? Read our 5 tips here.
Author: Michael Harvey from Simply Super