FAQ

A selection of the most frequently asked questions ..... but if you have question which isn't here, please don't hesitate to call or email!

Accountants and Advisor with SMSF clients

Will you contact my clients directly?

DIY super audit works collaboratively with accounting firms, super fund administrators and financial planners who have SMSF clients who need super fund audits. All correspondence is throught you as the professional service provider and point of client contact. We never contact your clients directly and we specify this in our engagement letter with you.

How do we proceed in arranging for the audit of SMSF fund/funds?

You should either call or e-mail outlining your requirements (How many funds & profile – refer to our Pricing Structure) and we will respond with a terms of engagement letter outlining the services we will provide, timing and confirming pricing. We will also provide you with our information requirements checklist and login details for our secure file portal where you can upload the required information on a fund by fund basis. Once you have signed the Terms of Engagement letter and uploaded or mailed the documentation set out in the checklist, we will immediately commence work.

Who undertakes the audit work?

DIY Super Audit is a completely Australian owned and operated entity. All our staff are Australian qualified and Australian-based accountants with significant expertise in self managed super. We do not outsource any of our work to overseas providers. We have elected to retain all work in house, in Australia, to ensure maximum confidentiality and quality.

How do I provide documents to you?

We provide all clients with a secure file portal login which enables them to securely and easily upload, remove, and monitor soft copy versions of documents required to complete the SMSF audit. Alternately, you may prefer to mail paper copies of documents to us (Please note however that additional fees will apply where we are required to scan a large volume of data eg the Trut Deed, all bank and broker statements. A minimum fee of $100+GST will apply in such cases. Where the fee for documents exceeds $100 we will contact you prior to proceeding). Typically scanned and PDF documents are acceptable. We may also require additional third party verification (eg Bank confirmations) depending on the asset allocation in the fund and the materiality of the assets. If you have a number of self managed super funds which are ready to audited at the same time we can also visit your office and gather the necessary documents.

What about property assets?

Where a SMSF has property assets we will undertake a property title search as part of the audit. The cost of undertaking the search is incorporated into our fee. We undertake the search to confirm correct title of the property and it remains unencumbered.

I have some large/complex funds that are outside your standard SMSF audit pricing structure – what should I do?

DIYSuperAudit has developed a standardised pricing structure for SMSF audits as set out on our fees page in order to provide pre-agreed “no surprises” pricing certainty for most funds. This allows you to discuss audit fees with you clients with comfort and clarity. We know that some self manged super funds will fall outside the standard fee structure – for those funds which fall outside our standard fee structures (either due to their size, complexity or breaches) please contact us with details of the fund and we will provide a tailored pre-agreed fee quote.

Are my documents secure?

Documents submitted to DIY Super Audit’s file portal are encrypted and are only accessible by our staff. Any hard copy documents are securely stored in accordance with ATO standards such that we are able to support all our audit conclusions.

SMSF Trustees

Wouldn’t it be more efficient for our existing accountants to do the audit?

Having an independent firm such as DIY Super Audit undertake the annual audit of your SMSF fund is best practice as this provides a genuine independent compliance audit of your fund, potentially identifying any emerging issues early. Further, the A TO has indicated it will be matching addresses of tax agents and auditors with a view to focusing on firms where the audit and tax work is undertaken by the same firm. Use of an independent fund auditor not only reduces the risk of ATO enquiries but is also likely to be cheaper as the Cooper review found specialist audit firms handling higher volumes of SMSF audits appear to have a lower fee than practices with lower volumes (Refer to our blog article on Audit fees).

Do you offer SMSF accounting and administration services?

The only service we offer is the audit of DIY/Self Managed Super funds. We decided to specialise on this increasingly complex niche in order to deliver the best possible service our clients, particularly those small to medium-sized accounting firms and Self Directed Trustees that we work with.

Will you audit a single fund?

We are passionate supporters of Self Managed Super and believe it represents the most flexible, secure and cost effective solution for investors with medium or larger super balances. Accordingly we are keen to help Trustees who undertake all their own administration satisfy this compliance requirement. In the longer term, we expect more Trustees to undertake their own administration as software administration packages become more user friendly and affordable and as online banking systems are developed to suit the needs of SMSF Trustees.

DIYSuperAudit : Self Managed Super Audit Specialists : SMSF Audits : TOLL FREE 1300 733 159