Self Managed Super Funds - SMSF's

Features & Benefits

• Having a third party auditor reduces the risk of an ATO audit. The ATO has made no secret about it's concerns with auditor independance.
• No need to hire and train staff.
• Allows you not to worry about additional competency requirements now mandated by all professional bodies.
• Overcome inefficiencies if you are not doing many SMSF funds.
• You can reduce your P.I. Insurance premiums.
• We never contact your clients, so your relationship is always fully protected.
• Reduce the likelihood of compromising your relationship with your client.
• Reduce the strain on professional staff performing routine compliance audit work.

Services

• Our turnaround time is 15 working days, providing there are no contraventions.
• You can send in your audit information by mail, fax or email through our secure area. 
• In certain cases it can be arranged for an Audit Solutions SMSF auditor to visit your practice to either discuss our services or conduct the audits. At present this service is restricted to the Sydney area and its environs. However, depending on the volume of work required, we would be happy to discuss this matter with you and come to a suitable arrangement.
• During the course of the audit it may be necessary to correspond with the trustees of the fund in relation to compliance breaches, however all correspondence will be care of your office.

FEES

BASIC FUND

• Up to 5 Investments
• No borrowings and no real estate  $480 (including GST)

AVERAGE FUND

• Over 5 Investments
• No borrowings and no real estate  $690 (including GST)

LARGE FUND

• Over 5 Investments
• Real Estate
• Borrowings                                     $880 (including GST)

WHAT IS THE PROCESS?

• You may download our SMSF Audit kit, which includes an Order Form and Pre-Audit Checklist. Or alternatively contact us by telephone,email or fax to discuss any matters that we may be able to assist you with.
• Upon receipt of an order, we will send you engagement letters and trustee representation letters by email or post, depending on your preference.
• We are then obliged to write to the previous auditor to obtain an ethical clearance. This is required by auditors standards and our professional bodies.
• Documents as detailed in the Audit Check List, can be either posted or emailed through our secure area. Normally we will accept scanned or photocopies providing the certification that they are true copies, signed and completed on the Audit Order form. We will confirm receipt with you.
• We will contact you if necessary to discuss any contraventions or additional information.
• You will receive a completed audit report, the client documentation will be returned and if deemed necessary, a management letter to the trustee detailing the audit findings. If an Auditor Contravention Report is required to be lodged with the ATO, the trustee will also receive a copy of the lodged form.

WHAT CAN YOU EXPECT?

• SMSF Audits will be conducted by staff under the direct, guidance of the principal, Robert Tesoriero, FCA.
• We will not contact your clients an any stage. All contact during the course of the SMSF Audit will be between Audit Solutions and you. During the course of the audit if it is necessary to correspond with the trustees of the fund in relation to compliance breaches, this will be care of your office.
• We deliver a consistent and efficient level of service with a fixed price.
• We will not solicit any other work from your client. If we are approached by you client, we will contact you immediately.  
• A sensible approach to the audit. Actions taken by Audit Solutions will depend on the seriousness of the breach.
• Issues that trigger a breach or the SIS Act will include whether the breach is repeated or an isolated incident, what actions have been taken to rectify the breach, whether the breach poses a risk to members benefits, the percentage of the funds assets that are involved in the breach and the ATO's approach to breaches of a similar nature.
• Audit reports will only be qualified if an error or omission found in the SMSF's financial statements is material, or if a breach of the relevant provision of the SIS Act or its accompanying regulations, is material. However, Audit Solutions, will first write to the trustees of the fund as required under S.129 of the SIS Act, requesting a response that details how, and by when, the compliances breach will be rectified. The response will then be taken into consideration when issuing the audit report, auditor contravention report and management letter. If the breach is not material and therefore does not require a qualified audit report, it will be included in a management letter accompanying the audit report.

WORKERS COMPENSATION WAGE AUDITS ( WorkCover )

• Invariably, most penalties imposed for incorrect wages declarations are the result of inaccurate advice. In many instances the accountant does not have the time or resources to provide this specialist advice to their clients. As Workers Compensation rates range between 1% and 15%,  and penalties imposed up to $ 50,000 or twice the premium avoided, it is important to seek specialist advice. 
• The Principal of Audit Solutions Pty Limited, Rob Tesoriero, has had over 25 years experience in WORKERS COMPENSATION WAGE AUDITS. WorkCover (NSW) intends to conduct Wage Audits on about 10,000 policy holders each year. Eventually every policy holder will be audited at some stage. There is no limit to the number of times you can be audited.
• If you or your client has been selected for an audit, we can  conduct a pre-audit wage review and attend the audit, if requested. We will ensure only the required information is made available. By presenting information to the auditor in a familiar format you will simplify their job and reduce probing questions.
• If you have already had a wage audit and would like it reviewed, we can independently assess the findings, and if necessary lodge an appeal on your behalf. The auditor will only advise if you have over or under declared. They will not advise if you are incorrectly classified.
• If you pay sub-contractors, and are unsure of their status, due to the ever changing compliance issues, we can advise you on what steps need to be taken so they are not considered to be "deemed workers".
• We can also provide advice on other issues such as, insurance classification (WICS code), directors fees, cross border issues, grouping issues, treatment of trust distributions, dividends, management fees and recommend restructuring  to legitimately reduce your premiums. It may be the case that you are entitled to a split classification, whereby reducing your overall tariff rate.
• Irrespective if you are being audited or not, we can review your current and past insurance situation and ensure that you have not over paid premiums or have been incorrectly classified in the wrong category. If necessary we can lodge an appeal to have prior years adjusted.
• Contact Rob Tesoriero on (02) 4736 3886 for a chat or drop an email to rob@superfundauditing.com.au about how we can help you and the fee structure.

Statutory Audits

• Do you require the services of a Registered Company Auditor for company audits, trust account audits, not for profit associations, charities or Real Estate trust accounts etc.
• Audit Solutions can provide an independent  and efficient audit service.
• The principal of Audit Solutions, Rob Tesoriero, is a Fellow member of the Institute of Chartered Accountants in Australia and a Registered Company Auditor ( ASIC No.1632 ) with over thirty years experience in auditing both listed public companies and private companies.
• Please call Rob on (02) 4736 3886 or drop an email to rob@superfundauditing.com.au  for more information.