In the SMSF business, when you put together right audit solution and effective SMSF administration , the result is a win-win situation for the adviser as well the fund owner.
SMSFs audits should be independent and powerful. The independence requirements are mentioned in APES 110. Also for firms, it is important that they stick to their core competencies and free up resources by engaging professional services for their audit solutions. You need to honestly evaluate where your strengths lie.
Outsourcing audit to a specialist will boost results – on aspects of efficiency, pricing, technical expertise and turnaround times. Also they will bring a wealth of knowledge on tax saving and help you focus on lacking areas.
- Give you analytics on inefficient areas
- Help you form strategies
- Set a benchmark for comparing performance with a more mature administration
- Provide reliable and consistent standards
Outsourcing non-core areas like audit will help you free up resources by:
- Re-assigning staff to core areas
- Reducing additional staff
- Hire high level professional audit services by increasing your budget
- Focus on business value
SMSF administration service providers need to constantly upgrade their standards as per the market changes to survive.
Moving your bull’s eye from non-core activities including SMSF audit is one way to do it.