Hiring a qualified SMSF auditor, is it useful? Before arguing too much on supreme pros of hiring such professionals, attention should be given on the nature of operations and dynamics of self-managed super fund (SMSF). It is like superannuation fund or golden handshake payment plan. Yes, it is a post retirement long term plan just like other old age schemes. The only difference is that this fund should be managed in the name of a separate recognised entity. It means that this fund is incorporated under specific laws of a state and proper governing bodies oversee operation of this fund. As it is a separate entity, one should have to admit that a separate external auditor should be appointed who can audit financial statements of SMSF independently. Moreover, in order to affirm more transparency, one can notice that usually auditor of SMSF is different from company auditor. This is the most common provision of corporate laws which is imposed to companies/businesses so that an unbiased approach and independence can be pledged. Now, as far as engaging a qualified and experienced SMSF auditor is concerned, note that this aspect can endow countless rapturous elements such as a) better quality of records and documentation b) auditors always highlight deficiency of internal control and weak reporting systems c) assure more accuracy in recording and preparation of financial statements d) can provide different levels of assurance on financial statements of most expensive SMSF audit services in Sydney e.g. absolute, reasonable and limited e) can proffer number of other assurance related services etc.
Basically, audit assurance and related services can be grabbed in different kinds. Decision is to what type of service should organisation seek depends upon the quantum of work, objective and scope of services. Here good thing is that professional audit and accounting firms always dispense fruitful guidelines about in which kind of particular engagement an entity should enter. All what you need is that to tell these professionals an ultimate outcome and objective of hiring such professionals. For SMSF management, there are several types of services which an auditor can provide such as a) book keeping assignments b) securities certification services c) limited assurance engagements d) opinion on effectiveness of internal control policy e) security or business valuation services etc. Visit for financial statement auditors/
When it comes for cost, one should have to accept that auditors sometimes charge excessive amount because of their specialised services. However, it does not mean fetching such services would not add any value. From above, it can easily be demonstrated that a qualified auditor can change overall dynamics and efficiency of operations of an entity. Furthermore, in Australia, no one can deny that it would be easier to engage adroit and professional accounting firms because almost every recognised firm is operating through its official website.