A basic component of the superannuation system is the audit of the fund. Audit has two purposes, first the accuracy of the financial statements and second is compliance with all financial law. SMSF Auditor is helpful in all kind of audit of SMSF.
SMSF Audit Brisbane have SMSF auditors is able to conduct annual audits for SMSF.
The areas of compliance:
The Australian Tax Office (ATO) sets the rules and regulations of self-managed superfunds on behalf of the Australian Government. The rules govern everything from configuration to continuous maintenance, such as:
- Record keeping
- Annual reports
- Access to your super
- Settlement of your SMSF
- SMSF Audit Online
Here is a brief summary of some areas that must comply with the policies behind self-managed superfunds:
- Record keeping
Keeping complete records of the administration and management of your fund is a key requirement for the ATO to audit your fund to ensure compliance. The records that must be kept include the following: information on investment decisions, transaction records, annual returns, trustee statements and tax-related documentation.
- Annual independent audit
The SMSF rules require that each self-managed fund be audited annually by an independent auditor approved by the ATO. The auditor examines the financial statements of the fund and evaluates the fund & # 39; s compliance with applicable rules and legislation.
- Access to your retirement
Members can generally only access the funds in their SMSF when they meet one of the conditions of release. An example of this is when they reach a certain age or retire. In some cases, members may access the funds before the official release conditions. A condition, for example, would be when the member suffers a terminal illness.
However, keep in mind that in cases where retirement funds are released without complying with official requirements, the ATO imposes severe penalties.
Because the SMSF rules are so complex and time-consuming, many people choose to partner with an experienced accountant firm and an approved SMSF audit expert. As a result, compliance with the SMSF rules is much easier and you can be sure that your retirement fund will show a healthy balance when you are ready to retire.
Diagnosis: Initial study of the needs of each company, depending on its accounting and organizational situation, evaluating the accounting criteria and procedures, the levels of internal control, and the information and registration systems, as a phase prior to conducting an audit .
Limited review: In addition to the diagnosis, it includes a partial or complete analysis of the financial statements, but without lowering the level of detail necessary for the issuance of a professional opinion on them.
Audit of annual accounts: Examination of the entity's annual accounts, in accordance with generally accepted auditing standards, expressing an opinion on the adequacy with which they present the financial-equity situation of the company and the result of its operations for a period determined, in accordance with generally accepted accounting principles and criteria.