Q: What do I need to do to engage you as our Auditor?
A: Simply phone or email us. We will send you our Engagement Letter outlining the terms in which we will work with you as the accountant. Upon receipt of the signed letter, we will:
1. Email you an Information Kit containing secure login details to our website.
2. Send an ethical letter to the former Auditor in relation to each audit client.
Q: Who can I contact to check your creditability and reliability of service?
A: You can call <Loretta> and after we obtain details from you to authenticate the call, we will supply you with a client’s contact details to verify the quality
of our service.
Q: What are your fees? Are they different for complicated audits?
A: Many of our clients prefer our standard fee charges, it promotes consistency and does not alert related clients to have concerns over differing fees. However we acknowledge there are complicated funds and in these instances we provide a fee quote in particular where there are known material compliance breaches. We also understand a fund may have only just been formed and may have had no transactions other than opening of a bank account; similarly we can reduce the fees on a case by case basis.
Q: Will you contact my Super SMSF clients
A: As stated in our terms of engagement, we assure you that we will never contact your clients, unless you request us to do so. We only communicate with you or your staff.
Q: What is the turnaround time of work?
A: We work out delivery times with you as each client is different. However as a guide we turn around audits between 2 to 3 weeks unless requested on an urgent basis.
Q: Will I be allocated a specific person for my Superannuation SMSF clients?
A: Yes, call <Loretta>, we will advise you who your main contact person will be and who will carry out the work. Our professional, friendly team are well qualified, and efficient Auditors having carried out hundred’s of audits.
Q: Who prepares the Engagement and Trustee Representation Letters?
A: We will prepare these letters and email them out to you, or at your request, to your clients at the beginning of the financial year. The client list is confirmed with you from the previous year’s client list. However some of our clients wish to receive our template letters and send them direct to their clients themselves. We work with you to determine your preference.
Q: What if I am seeing a new client and need the letters urgently?
A: Simply email us the New Client Engagement Form and mark it urgent in your email and we will email the letters within the hour (where possible), also contact us by
<phone> to ensure we know of your request.
Q: How will the audit be issued?
A: The auditor will report their findings in writing addressed to the trustees, highlighting any financial and compliance issues with the fund, as well as reporting any relevant contraventions to the regulator. However any issues with the Audit will be communicated with you to resolve and adverse findings are discussed and agreed with you prior to issue of the audit report. The completion of the audit will involve an email to you containing a PDF copy of the audit report, audit management letter (if any) and our invoice.
Q: What if I need SMSF advice?
A: <Loretta>, has years of SMSF experience. Has been auditing in the private sector since 2006, specializing in SMSF auditing in 2006, is a member of CPA Australia.
Q: Who arranges for my hard copy work paper files to be collected?
A: We do, after you email us that files are ready for collection we will arrange for the files to be collected from your office.
Q: If I have scanned the soft copy files, how do I provide these to you?
A: You can either email them or upload them to our server using our Client Login.
Q: What is the Client Login?
A: The client login allows our clients to login to our server to upload your client files requiring audit:
-
-
- Upload your client scanned pdf work paper files.
-
-
-
- Signed client Engagement Letters
-
-
-
- Signed client Trustee representation letter
-
-
-
- Any other info you need to provide us
-
-
- Private Login ensure confidentiality, security, and Privacy Standards are met with ease. In 2010, APRA issued a letter advising all trustees to be aware of proper risk and governance processes for outsourcing, including cloud computing. If you do not choose to use our Private Login and document upload feature, and instead choose to have your hard copy files collected, then we adhere to proper risk and governance processes in utilising third parties in this regard.
Q: Who can access to the Private Login?
A: As our clients are accountants, financial advisers and SMSF administrators, access to our private login area is provided to you and your nominated representatives only.
Q: What documents should I provide?
A: Our Clients work in two ways: (1) our clients simply provide us with a copy of the work paper files; or (2) our clients take a more active approach and use our template (standard) and client documentation checklist or customized client documentation checklists. We aim to be flexible to work in a way that suits our client, both methods are
acceptable.
Q: Are scanned documents OK?
A: Yes, the ATO has stated electronic documents are acceptable provided the scanned copies are a true and clear representation of the original hard copy records. We comply with the ATO standards of record keeping requirements under the tax laws that include maintain records; data security and integrity; system documentation; retaining archival copies; and accessibility.
Q: What documents have I given you?
A: You can log in to the Private client login area on our website and view a list of all documents and the date they were uploaded.
Q: What files can be uploaded through the Private Client Area of the website?
A: Any file type such as PDF, JPEG, XLS, DOC, TIF and ZIP files. We cannot open files that contain the following characters in the filename: @#$%^&*.
Q: What is the maximum size of the upload file?
A: 50MB
Q: Will you require a bank audit certificate?
A: We will only require a bank audit certificate if the cash component of the fund is material, this is in keeping with Australian Auditing Standards and best practice. To do this we will request your client sign an ‘Authority to Obtain Information’ letter so we can communicate directly with the client’s financial institution. We recognize this can slow down the Audit therefore we assess if this is required at the commencement of the audit and actively follow up the request with the institutions.
Q: When do you undertake property title searches?
A: We undertake property title searches only if we cannot ascertain from other documentation you provide that the Fund held the property during the year, this includes property held in a related trust. When we do a property title search the cost of the search is included as a disbursement on the final invoice, which varies from state to
state.
Q: What happens if there is a SMSF breach?
A: All issues, adverse opinions and breaches are resolved with you before the audit report and contravention report is issued, in particular in regards to whether the breach has been rectified at the time of lodgement of the contravention report.
Q: How do I tell my clients I have appointed an external SMSF Auditor?
A: If you have previously audited your own clients SMSF’s we can issue you with a standard letter to forward to your clients that explains the benefits of appointing an external auditor. This letter will also state why you have chosen us as your service provider. This letter maybe altered to suit your requirements.
Q: What happens after 1 July 2016 to SMSF Auditor?
A: If you have not obtained an <ASIC> registration and are concerned about what happens after 1 July, our sister company that holds a Australian Financial Services License that can provide Accountants who are our referral partners with Authorisations to continue providing SMSF solutions. <Contact Us> to find our more and how you are eligible
