Evolv White is one of many pieces of technology that helps auditors conduct audits in a more efficient fashion, but it is not the only one. SMSF audit software, generally speaking, is designed to facilitate faster, more compliant and value-adding SMSF audits. It automates key processes, eliminates significant elements of [...]
The Australian Securities and Investment Commission and the Australian Taxation Office are joint regulators of the SMSF industry, including all audit facilities. Key responsibilities of the ATO include: Reviewing SMSF auditors' work in accordance with their duties. Checking SMSFs and their management in accordance with the law. Providing information for [...]
A common issue in the SMSF sector, independence is the assurance that an auditor does not have any conflicts of interest with the audits they conduct. This is covered under APES 110 'Code of Ethics for Professional Accountants, and can have severe consequences. Common examples that indicate a lack of [...]
As per the ATO's guidelines, there are several key steps involved in an SMSF audit - useful information for anyone looking to add this service to their business through Evolv Black.Trustees of a fund must appoint an auditor at least 45 days before their annual return is due.The trustees must also [...]
To become an SMSF auditor, the initial rules to follow are outlined in ASIC's Regulatory Guide 243, 'Registration of self-managed superannuation fund auditors'. On an ongoing basis, ASIC requires all SMSF auditors to remain compliant with APES 110 'Code of Ethics for Professional Accountants', Class Order 12/1687 'Competency standards for [...]
ASIC outlines strict requirements for becoming an SMSF auditor -. This includes having Australian residency, passing competency testing, and holding all relevant qualifications and practical experience. There are also criminal and bankruptcy checks stretching back 10 years and with global reach, payment of fees and an online submission process through ASIC's [...]
As of April 2019, ASIC's registers show just over 5,900 SMSF auditors in Australia. Across more than half a million self-managed super funds, that's roughly a hundred funds per auditor if things were evenly balanced. With such a high caseload, implementing the right technology can go a long way to [...]
You're already in the right place - with our Evolv Grey and Evolv Black offerings, advisors and financial institutions get either full service or white label SMSF auditing capabilities. For general SMSF auditor searches, ASIC has a full database of SMSF auditors you can search.
An SMSF auditor is someone approved by and registered with the Australian Securities and Investments Commission (ASIC) to analyse, review and audit self-managed super funds.