SMSF audit firm Evolv Super has announced an upgrade to its licensed audit platform, Evolv White, which will allow auditors to focus in on areas of concern within a fund.
The upgrade makes use of data feeds adopted by SMSF auditors and evaluates areas of risk within an SMSF, and suggests where further examination should take place by the auditor.
The changes to the platform also include a new tool that reduces the sample size of a fund and automatically analyses it before applying a risk rating at the beginning of the audit process.
Evolv stated the improvements were based on feedback from its own experience, as well as feedback from its high-quality auditor clients, about the increased risks faced by SMSF auditors and the ongoing shortage of practitioners in this space.
The firm added risk reduction in the SMSF audit space had always been a focus and this had increased in the past year with a number of high-profile litigation cases, and its clients required tools that reduced risk while increasing efficiency.
Evolv Super chief executive Arthur Favos said: “The firm is excited to bring these changes to the market, allowing auditors to move to an exception-based audit approach without reducing comfort level.”
Evolv White is one of three audit options available from Evolv Super, with Evolv Grey being offered as a collaborative tool for auditors and Evolv Black offered as an end-to-end service conducted by Evolv staff, and Favos said the changes had been extensively tested in Evolv Grey and Black over the past four months.
Favos said the changes, which reduce audit times by up to half an hour on average, will be released to clients in early 2020 and other improvements would also be released during the year.
The firm was named as the winner, for the fifth time running, for audit function in this year’s selfmanagedsuper SMSF Service Provider Awards.
