SMSF Audit and Audit Assurance
Internal Audit & Risk Services
TAS-Australia’s Audit & Assurance team can help you and your organisation by providing support through a range of specialist services.
Whether your organisation is a corporate entity, a government agency or a not-for-profit we can assist you with audit and assurance needs. The current economic climate is placing more and more pressure on organisations to ensure sustainability and accuracy of their position and performance. It is also placing an increasing challenge on organisations to operate efficiently and effectively, whilst maintaining an appropriate level of assurance over governance and controls. Our team comprises service specialists with extensive experience.
Our Services
- Outsourced and co-sourced internal audit and risk services
- Performance audit
- Compliance audit
- Corporate governance assurance & advice
- IT audit
- Regulatory & legislative compliance audit
- Financial audit
- Systems process assurance
- Risk assessments
- Business continuity & disaster recovery management
- Risk management advice
- Fraud risk & control
- Fraud investigations support
- Program & project assurance
- Better practice
- Agreed upon procedures
- Quality assurance
Our Audit & Assurance approach to internal audit and risk services focuses on providing value for your organisation. Our service is fully compliant with professional standards.
The nature and type of targeted internal audit and risk activity should both ensure (protect) and enhance (create) your value. We offer our clients a pragmatic yet comprehensive approach to internal audit and risk services – one that will ensure you can extract the maximum value from our relationship. Our methodology is not just about performing compliance reviews but also about supporting our clients in creating a strong culture of ethics, good governance, and reliable reporting. Our view is to help clients ensure their value is protected and to achieve real enhancement of their value through improving business performance and having a strategic impact by improving the future value. This approach provides potential areas of focus for internal audit and risk services identifying areas for ensuring value and enhancing value.
Ensuring value – This is often considered the more traditional core internal audit role which ensures that the value for the organisation is maintained or protected. The focus is on aspects such as governance, risk, systems and controls.
Enhancing value – This is where internal audit can play a role in enhancing the value of the organisation. The focus is on improving efficiency and performance and creating value.
Your Challenge
To assist you in meeting your financial and performance objectives a well planned, executed and communicated audit and risk management process is critical. TAS-Australia professionals can help you meet this challeng.
Financial Audit and Assurance Services
TAS-Australia’s Audit & Assurance team can help you and your organisation by providing support through a range of specialist services.
Whether your organisation is a corporate entity, a government agency or a not-for-profit we can assist you with audit and assurance needs. The current economic climate is placing more and more pressure on organisations to ensure sustainability and accuracy of their position and performance. It is also placing an increasing challenge on organisations to operate efficiently and effectively, whilst maintaining an appropriate level of assurance over governance and controls. Our team comprises service specialists with extensive experience.
- Statutory financial statement and other audit & assurance engagements
- Probity reviews
- Due diligence
- Independent assessment of financial statements
- Audit of prospective financial information
- Financial reporting, auditing and accounting standards advice
- Reports on internal controls
- IT system reviews
- Corporate governance reviews.
TAS-Australia’s Audit & Assurance will ensure that your business can respond to the increasing demands for more transparency and improved reporting. Our Audit Solutions team will ensure that you identify incidents of non-compliance and provide you with an increased confidence in the integrity of the information, IT systems and processes under review.
Employing only highly qualified, multi-disciplinary experienced audit professionals we offer both financial and practical outcomes, underpinned by our strong experience gained from auditing across a diverse spectrum of industries. It is all about delivering outcomes as opposed to just reports. Our skills cover all compliance and reporting requirements within International and Australian Accounting Standards, the Corporations Act 2001 and all other relevant Legislation relating to specific industries.
Credible financial statement audits reinforce investor confidence and add to board and management’s understanding of the business and the associated risks. This is particularly relevant even where you are not bound by the statutory requirement to actually have an audit performed.
Our Audit & Assurance Team is Partner and Manager led which enables us to plan and tailor our audit approach to each specific business. Utilising the latest in risk-based audit technology the TAS-Australia audit process is focused, efficient and very cost effective.
Your Challenge
To assist you in meeting your financial and performance objectives a well planned, executed and communicated audit and risk management process is critical. TAS-Australia professionals can help you meet this challeng.
Self-Managed Super Funds (SMSF)
A SMSF is an alternative to large super funds, such as retail or industry funds. These large funds can have 1000’s of member but are not involved in the as Managers or Trustees of the fund. So, they are not responsible for managing the funds’ investments or compliance with superannuation law.
SMSF’s are becoming an increasingly popular way to save for retirement. 1 million Australians currently have SMSF’s with approximately 3000 new funds being set up each month. But there are many things you need to consider before deciding if a SMSF is right for you.
Establishing a Self-Managed Super Fund (SMSF)
If setting up a SMSF is right for you we can through our strategic partnerships with Registered & licensed Financial Planners assist you to establish the fund. We can guide you step by step through the process to ensure the trustees of the fund understand their obligations and all the required documentation is correctly completed.
Our specialist team is available daily to offer advice and answer any questions that you may have. We understand that SMSF is a daunting subject for some people. We know how important it is that you have people to contact, to assist you and answer your queries.
SMSF Audits
A major requirement in the management of an SMSF, is that it is professionally audited every year.
Under the Australian Taxation Office’s self-managed super fund regulations, this must be done by an approved auditor who undertakes full financial and compliance audit of your super fund. As trustee of the fund, you must provide the auditor with:
- Your fund’s financial statements
- All documents and information legally required by the auditor to make an accurate review and assessment of your fund’s transactions
A compliance audit involves assessing the administration of your SMSF to ensure compliance with the superannuation rules. The financial audit looks at how and where you have invested your super funds, to ensure there are no illegal or fraudulent transactions.
Checklist - Managing Your SMSF
In order to avoid ATO penalties, as a trustee you should always:
- Ensure your fund’s sole purpose is to ultimately pay retirement benefits to members.
- Take contributions and pay out benefits according to the super and tax laws.
- Make investment decisions that comply with the super and tax rules such as:
- Keeping personal and fund assets completely separate
- Complying with the personal-use test
- Complying with borrowing rules
- Making investment decisions that will benefit all members
- Keep written documentation about all investment
- Appoint an independent approved auditor each year
- Keep full, detailed and accurate records
- Lodge your SMSF’s annual returns
- Avoid paying money (including loans) out of the fund to any member before their retirement
- Regularly review and update the fund’s investment strategy if necessary
- Look at offering insurance for both fund assets and members
- Tell the ATO of any changes to trustees, members or contact details