5 questions to ask before choosing a SMSF auditor

Small accounting firms across Australia are looking to start outsourcing their SMSF Audits. What should you look for when beginning this partnership? Ask yourself these five questions:

1. Cultural fit and alignment

Does your auditor have a focus on customer service without compromising auditing and professional standards?

Is there a good fit culturally with the lead auditor and your firm?

Are your clients aware if work is being performed off-shore by the auditor?

2. How does the auditor communicate with the referring accountant and engage with trustees?

What is the communication method and style of the referring accountant? Who are you dealing with – a computer or a person?

How easy is it to pick up the phone and talk through a scenario with the auditor?

Is the auditor open to working through problems in a pro-active and pragmatic way?

How does the auditor engage with the trustee?

3. What level of information does the auditor require?

What is the auditor’s approach to information in relation to property valuations?

Are data feeds available and will the auditor use these?

What information is required for unlisted investments?

How is the information exchanged between the parties?

4. Service levels and turnaround times

What are the service level standards?

What are the turnaround times?

Are fees priced and scaled on a fair and reasonable basis?

5. Does the Auditor have capacity?

Check the auditor does have capacity to service your needs.

Is there a team that supports the lead auditor?

Is the audit firm open to being part of a panel of auditors?

A good communication channel and partnership with our referring accountants is vital, we look forward to exploring that with you also. So much so that we would love to meet you in our home state, Tasmania. More info here