SMSF service provider onlinesmsfaudit.com.au has launched an automated cloud-based system aimed at reducing audit times and improving quality.
According to the new service’s founder, Manoj Abichandani, onlinesmsfaudit.com.au would allow registered SMSF auditors to conduct high-level audits in half the time it took using traditional auditing methods.
In turn, that would result in cost savings for SMSF trustees when looking to comply with the mandatory requirement of having an audit performed on their funds, Abichandani said.
“The pressure is on advisers and accountants to deliver highly reliable services to an ever-expanding number of SMSFs at cut prices,” he said.
“The answer for SMSF auditors is to reply on an automated, secure, cloud-based auditing system.”
He said he believed fully automated and cloud-based SMSF audit systems could revolutionise the way funds were audited in Australia. This is because these applications would give advisers, accountants and their SMSF clients peace of mind knowing nothing could be overlooked during the audit process, as it eliminated oversights that could lead to compliance issues.
The value of the new system would be emphasised in light of the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) announcements that they would hand out heavier penalties for errors and breaches, particularly those that went unreported, Abichandani said.
“As SMSF experts with more than 25 years in the SMSF space, we have designed our software to be fully compliant with all Australian auditing standards, superannuation and taxation laws and regulations,” he said.
To further strengthen onlinesmsfsudit.com.au’s position, the ATO has declared its intention to review the income tax and regulatory compliance of 16,200 SMSFs, as well as check compliance on 160 auditors this financial year.
In light of all the recent developments in the sector, Abichandani encouraged advisers and accountants recommending their SMSF clients to auditors to leave behind conventional processes and achieve better reliability, consistency, speed and volume without sacrificing quality by adopting new technology through online auditing tools.
