Choosing the perfect SMSF audit partner
Promoted by Evolv Super
There’s a lot riding on your choice of SMSF auditor, and like any long-term relationship, it pays to get it right the first time.
As accounting and advisory firms seek independent SMSF auditors ahead of 1 July, it pays to narrow down the choice by knowing what to look for. Trust, scale and experience are high on the list – but so is a human touch.
David Goldsmith CA, Business Development Manager at specialist SMSF audit firm Evolv, explains the key features to look for when selecting an SMSF auditor.
Look for a sense of trust
According to Goldsmith, the search for an SMSF auditor should begin with the goal of forming a partnership based on trust.
He explains, “At Evolv, we have a strong belief in the value of forming a long-term relationship based on mutual trust. This sense of trust is critical to delivering a simple and streamlined process for all parties. Without trust, the audit has the potential to become weighed down by bottlenecks.”
So, how can accounting and advisory firms recognise the potential to build trust? Goldsmith says it can come down to the auditor explaining the different ways accounting and advisory firms can benefit from the audit firm’s support.
“Our accounting and advisory firm clients regularly contact Evolv with technical questions,” notes Goldsmith. “They know we will respond quickly and accurately to their queries, and this is an essential aspect of a successful business relationship.”
Experience and scale deliver credibility
There is also a lot to be said for credibility when it comes to choosing an SMSF auditor, and it’s something that can be driven by both experience and scale.
Goldsmith notes, “Evolv has been conducting SMSF audits since 2006 – and we have the experience that goes with this. An auditor that has come to the market only recently to tap into the new SMSF audit independence rules and simply may not have the level of expertise, nor the systems and process that Evolv has built up over many years.”
He adds, “The scale of our business is a real plus for our accounting and advisory firm clients. We specialise in SMSF audits – it’s all we do, we don’t compete by offering other accounting or compliance services. The volume of SMSF audits we complete annually means our audit teams encounter complex issues on a regular basis – issues that other firms may come across only once every six months.”
This level of experience matters because when it comes to SMSF audits, there are always grey areas. Goldsmith agrees, adding, “We’ve certainly seen an uptick in grey issues during COVID, especially around matters such as the treatment of commercial properties and rents.
“In many ways, SMSF audits can be easy when things are black and white. But it’s when you encounter those grey areas that you need a trusted relationship with an experienced SMSF auditor,” says Goldsmith.
A combination of high tech, high touch
Evolv has forged a powerful reputation for streamlining the SMSF audit process through its clever use of technology – in particular, Evolv’s in-house designed SMSF audit software.
However, audit still calls for a human touch, and this is definitely something to look for in an SMSF auditor. It’s an area where Goldsmith says Evolv combines scale with a ‘small business’ approach to customer service, treating each of its accounting and advisory firm clients as VIPs.
“One of our great strengths at Evolv is an effective onboarding process,” notes Goldsmith. “We have a specialist onboarding team, who ensures the relationship is built on a foundation of trust from the very beginning.
“But our approach to service excellence doesn’t end there. Moving forward, our accounting and advisory firm clients know they have access to dedicated audit directors, who they can pick up the phone and call at any time. That’s extremely reassuring, and it speaks volumes about Evolv’s commitment to each individual relationship.”
To help you choose your perfect SMSF audit partner we’ve created an SMSF auditor due diligence checklist. It outlines some of the key factors to consider when comparing auditors. Click here to download your free checklist today.