Steps
Engagement
A successful relationship starts by making sure the key terms of the arrangement are agreed to and the expectations of both parties are clearly communicated.
Once engaged we will assign you an ASIC approved SMSF auditor and experienced audit manager who will work with you to understand your business and clients with the goal of achieving an efficient audit process.
All our clients are encouraged to email and call us at any time free of charge for any technical queries they may have. We are one of Australia’s leading SMSF audit firms with knowledge gained from working in the SMSF industry for more than 20 years and so having the ability to leverage off our technical knowledge and practical experience is one of the main benefits our clients enjoy.
Audit Information
You are provided with login details to access your own section of our secure client portal. Whether it be questions about the document transfer process or any other part of our service, our dedicated support staff is on hand to assist you with any issues you may have.
It is in our best interest as well as yours to ensure we collect all relevant information at the commencement of each audit. We therefore provide you with a comprehensive checklist and document templates for you to pass onto your trustee clients to ensure we can approach the audit in the most efficient way possible.
Audit Performed
Our audit is performed using our internal systems which have been developed using our vast experience in the SMSF audit industry. Our audits are performed in accordance with the professional obligations of approved SMSF auditors as required by the SISA which includes an adherence to the Australian Auditing Standards; the competency standards in ASIC Class Order 12/1687 and the independence requirements of APES 110.
Our commitment to our clients is that we either complete the audit or raise our audit queries within 5 working days from the day we receive the information for audit.
Audit Finalised
Should there be any contentious issues we will outline our findings to you, including whether we believe an Auditor Contravention Report (ACR) is necessary. Where it is concluded an ACR is required, we work with you to ensure the issues are rectified, or a plan is in place to rectify the issues, before the ACR is lodged. Drawing on our vast experience in SMSF audit, we will be able provide you with guidance in relation to the solutions and plans the ATO may find appropriate.
A management letter will be provided to explain any qualifications to our audit opinion and the reasons why an ACR may have been lodged. Additionally, our management letter will highlight issues which we are required to bring to the attention of the trustees.
Frequently Asked Questions
To whom do you provide services?
We provide our SMSF audit service to SMSF administrators, accountants, financial planners and trustees Australia wide.
What are your fees?
We do not believe in a set fee for all SMSFs as the more straightforward funds end up subsidising the harder funds. However we understand our clients want certainty of pricing for their funds. Therefore our preference is the use of a two tiered fee model with the differential in pricing being based on the funds which present a higher audit risk based on their assets.
Also, we don’t offer a fixed fee for all clients because there are many variables to be considered in setting the audit fee such as:
- The way the administrator or accountant manages their SMSF client base;
- The type of investments the funds of the accountant might have;
- How the accountant delivers the information to us;
- The type of software being used by the accountant;
- The type of service and relationship the accountant wants.
It is important to note that once we are engaged to audit your superannuation funds you can pick up the phone or email us at any time with your superannuation queries for no additional fees. Therefore in essence we become an additional technical resource for your firm.
We would encourage you to call us to discuss the funds you have for audit so we can determine a fair price for the work involved or alternatively for a no obligation free quote please click here.
What is your turnaround?
Our commitment to our clients is that we either complete the audit or raise our audit queries within 5 working days from the day we receive the information for audit.
How many ASIC registered auditors do you have?
We currently have 4 ASIC registered auditors which means our service standards are not interrupted during the year when our auditors take leave.
Why outsource to us?
If you are not already outsourcing then we take it the audit is already being done by an ASIC registered auditor. However outsourcing to us can provide you with the following benefits:
Independence
Since the commencement of the requirement for approved SMSF auditors to be registered with ASIC it has also been a legislated requirement that approved SMSF auditors comply with the independence requirements as set out in APES 110 Code of Ethics for Professional Accountants. If you are concerned your internal “Chinese Walls” do not allow you to meet the requirements of APES 110, then we can provide you with a solution.
Specialise expertise
One of the main benefits our clients receive from using Baumgartner Super is the ability to leverage off our technical knowledge and practical experience. We are one of Australia’s leading SMSF audit firms with knowledge gained from working in the SMSF industry for more than 20 years. Our capabilities are demonstrated by our senior team being asked to serve on ATO SMSF audit committees, the presentations on superannuation matters we have given for the NTAA, CPA and TIA and the fact that Chris Malkin is widely quoted in mainstream print media.
We actively encourage our clients to engage with us and ask us questions as it is what we love doing.