Evolv Super Audits has expanded the ability for auditors to focus in on areas of potential risk or concern with the development and release of an ‘audit by exception’ planning tab within its software.
The new automated facility was designed specifically for SMSFs and directs auditors to investigate transactions that are identified as a potential risk.
Evolv stated risk reduction was an area of concern in the SMSF audit space and with the increased requirements for auditors to identify more issues within these funds, new tools to help achieve that goal and increase efficiency were required.
The firm added the new facility could access a range of data feeds in common use by SMSF practitioners and Evolv White, its software platform for SMSF auditors, will use the data to assess potential risks and highlight areas where the auditor can conduct additional testing.
“Evolv set out to address the question of how much audit evidence is enough. By automating the audit plan, we as auditors can focus attention on the most litigious part of the audit,” it said.
Evolv Super Audits chief executive Arthur Favos said the planning facility was tested by the firm’s own auditors and would be available to all Evolv White clients.
The development of the tool follows a number of announcements by the ATO, which has indicated it is expecting SMSF auditors to take greater note and report breaches of investment strategy guidelines and early release of superannuation provisions.