SMSF auditor – Independent SMSF Auditor

Neil Chapman

‘Processing audit reports is faster due to streamlined processes and digital engagement. The ATO also trusts me to act on their behalf when dealing with genuine mistakes made by clients.’

Now that our firm’s accounting software lets me report straight to the ATO, I don’t have multiple reporting hoops to jump through. They also trust me and my practices, so I can adjust the audit treatment for my client’s affairs based on their behaviour.

I’ve been working as an independent SMSF auditor for a long time. I provide a valued service to my clients, ensuring that they are doing the right thing when it comes to their SMSF compliance.

I have seen a lot of change in the super sector, but recent changes are making mine and my colleagues lives a little easier. Through streamlined reporting we can process our reports to both trustees and the ATO, with less administrative burden, which is always good for business.

Previously, the accountants and tax agents I undertake audits for would provide a list of SMSF clients that required auditing. After sorting out logistics and fees, I’d request copies of the SMSF books and records before starting the audit. This meant getting a mix of digital and paper records, which increased our processing time. These days, it’s electronic and automated through my software.

Now that we have consistent digital record keeping, we can automatically integrate the client’s data with my practice software. This means our system can review the records and flag areas and issues that need further investigation.

I can also connect with my client’s, or their intermediaries electronically and share information with them directly, which means we can work together through any issues that arise, making things more efficient and cost effective for both myself and the client.

Once I have finished, my auditing software can send the independent audit report straight to the ATO and the client, so everyone’s "in the know".

I also know how important reputation is, especially in this field, so I value the ATO’s view of me. Because I maintain good practices, the ATO now trusts me to make decisions about the treatment of genuine mistakes made by clients on their behalf. For example, for my clients who consistently meet their obligations I can, due to their good record, customise my audit and reduce the compliance requirements for us both.

What the ATO does

We work with software developers and professional and industry associations to design and implement practice software that allows:

• Better integration with their clients and the ATO.
• Proactive and pre-emptive compliance (by sharing our risk indicators and profiles).
• Functionality to complete routine tasks, such as altering reporting periods.

How the ATO behaves

• We trust and empower our business partners to take ownership, exercise judgment and make reasonable decisions.
• We have a service focus.
• We build trusted relationships.
• We collaborate without boundaries.
• We continuously simplify and improve the way we do things.