How It Works
Online SMSF audit is an exciting Australia's first such software that allows SMSF auditors to audit self managed super fund on cloud. You can plan and conduct an audit comprehensively in line with the Australian Auditing Standards including Auditing Guidance Statement GS009, Standards on Assurance Engagements, Superannuation Industry (Supervision) Act 1993, Superannuation Industry (Supervision) Regulation 1994 and Income tax act and other applicable legislation.
Trustee of the SMSF
Trustee
To upload documents for the accountant and receive finalized accounts and income tax returns and all the audit reports.
Accounting Firm
Accountant
To upload documents for associates (staff) to finalize accounts, manage lodgement program or for auditor to complete audit of a fund.
Associate
Prepare accounts for the fund allocated by Accountant or reply to audit queries
Audit Firm
Partner
To review audits done by auditors and staff and manage the audit workflow of the audit firm.
Auditor
To review audits done by staff, audit a fund and issue audit reports etc.
Staff
To conduct an audit of funds allocated to them.
SMSF Auditor
The audit firm controls what happens in their account - the audit partner adds the audit team and add clients (accountants). Once an accountant is added by the Audit Partner, they can add trustees for each fund so that trustees can upload documents. Since this is a white label product, trustees can visit the accountants (administrators) website to upload documents - this is a free service.
Audit firm can add funds one by one or download the below excel template and hand over to the accountant for populating with fund data and import funds in bulk. Below is also a list of documents which an auditor will need from their client to audit a fund.
Excel template to import fund details in Bulk For SMSF Auditors
Checklist of documents which auditor requires for audit
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Audit partner registers his firm on our system. The audit partner is able to upload his firm logo and his signature so that all documents, which are generated in a secure pdf format, such as audit report, management letter etc are automatically generated and delivered digitally. Our system can also generate an invoice – the auditor can add his bank account details so that they appear on his tax invoice.
Audit Firm Registers on our system
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Once the audit firm is registered on our system, the auditor or his clients (accountants or trustees) can add funds on our system. You can either add one fund at a time or
use this spreadsheet to add funds in bulk. Some auditors may send this spreadsheet to their accountant client for fund data. Funds have to be uploaded only once on our system as it will save the funds data for future year’s audit.
Add SMSF to audit
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Auditor can create username (email id) and passwords for clients (trustee and or accountant). Accountants (or trustees) can also log into our system and upload audit evidence / financial statements and permanent documents such as trust deeds etc
Accountants (or trustees) can download audit engagement letter, Trustee Representation letter, investment Strategy and various declarations which the auditor may need from the trustees. After download the trustee can sign them and then upload them as audit evidence.
Audit Partner can add firm auditors who will sign audit reports and staff members who will conduct audits for clients. Staff can only audit a fund, whilst a Partner and an Auditor can review / audit and complete the funds audit.
Add clients (Accountant/Trustee) and Audit Staff
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Once your audit is complete, the system provides the auditor all the documents which
the auditor has to issue to the client (e.g. audit report, management letter, contravention
report etc) and workings papers for the audit file. All documents can be reviewed
before finalization. If you do not like any text, you are able to download in word
for windows format, amend and upload the amended version which can be sent via our
system to the accountant in a secured pdf format with the audit firms logo and signature.
You can send these reports to your client via a click, no more drafting of audit
reports or management letters or mail merge etc. Once the client (accountant or
trustee) receives the audit report, they can either print or leave it in the system
for future downloads.
Our system is very intelligent – as you progress through your audit – operating
statement – balance sheet – income tax – member statements – compliance audit etc
it increases the percentage of completion at every stage. Hence, when the client
logs in at any stage of the audit – they will be able to see at what stage you are
in the funds audit.
Once your audit is complete, you inform them within the system, they can then log
in from anywhere and download their audit evidence, financial statements and your
reports for the next 15 years (legislation requires only 10 years). Your clients
(accountant or trustee) cannot see your working papers file – it is stored on our
system and can be downloaded for any future ATO audit.
Our system has a unique query tree system – where the auditor seeks information
from the accountant and the accountant provides this information within our secure
environment.
System prepares Audit Working Papers and Reports
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When auditor gets intimation that the fund is ready to audit – Auditor will commence
the audit on our online working papers / checklist / audit program. When you commence
the first audit on our system – the system will prompt you to purchase and audit
pack – you can purchase a pack for one fund or up to 300 funds.
If you purchase a pack of 100, our system keeps count and tells you how many funds
are remaining to be audited from the pack – this pack is not based on any financial
year – if you audit say 50 funds – in financial year and if you purchase a pack
of 100 funds (cheaper then buying a pack of 50) – your purchase will last two or
more financial years.
Our audit program is designed in such a way that it will take you only half the
time to audit a fund – this is achieved due to our clever design. As you are only
presented with an audit checklist (out of 600 odd checklist questions) which is
applicable to the fund you are auditing by your selection. Further, all answers
for your working papers are available to you in a template format with relevant
sections of the SIS Act. E.G if the fund management letter needs a note due a wrong
name on the bank statement – the template - what to write (600 such templates) is
provided and with a tick from you gets included in the management letter which is
automatically generated and sent to the client.
Our checklist is dynamic – which means as and when the law changes – we will add
or amend our audit checklist – so that when you audit your next fund – you ensure
that your audit includes the latest legislative requirement.
Our system automatically generates a contravention report which can be printed and
mailed to ATO – there is no need to re-enter the data in portal or use the ATO’s
eSat program to lodge with ATO.
Auditor Audit Funds
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Accountants are also able to add funds which they want the auditor to audit. Accountants
can add audit evidence / software data files / financial statements for the auditor
to audit the fund. Accountant can also nominate a trustee to upload documents. Once
nominated, trustee can log in with their credentials and upload documents for the
accountant to complete accounting work for the fund. A complete check list of documents
which are required by the auditor is available for the accountant (or auditor) to
upload.
Once all the documents are uploaded the client (accountant or trustee) informs the
auditor within our system that the fund is ready to be audited.
Client uploads documents
For Accountants
Excel template to import fund details in bulk for Accountants and Associates
You can integrate our online software on your website, so that your clients visit your website and upload super fund documents so that you are able to prepare financial statements for their self managed super funds. If you are interested in this integration, please contact our office on 02 9684 4199 or contact sales@onlinesmsfaudit.com.au
Download Instruction Manual
Download Trustees Instruction Manual
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Once your SMSF auditor registers you on our system – you can log in to access our secure system.
Provide your details to your Auditor
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Once you log into the system – you can add a fund which you want the auditor to audit. You can either add one fund at a time or
use this spreadsheet to add funds in bulk. You can also send this spreadsheet to your auditor to upload it on our system. Fund has to be uploaded only once, our system will hold data of the fund for future year’s audit.
Provide details of the fund
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Once your audit is complete, you (or client) can log in from anywhere and download
your client’s audit evidence, financial statements and audit reports for the next
15 years (legislation requires only 10 years).
The system has a unique query tree system – where the auditor seeks information
regarding the fund from you - you then answer to the query within our secure environment.
You can forward auditor reports (audit report, management letter etc) to your client
via a click or you can either print these reports or leave it in the system for
future downloads or for ATO audits. Since our system holds all client documents
– you may decide not to keep a copy for your records or choose to download and keep
a copy of these digital reports.
Receive reports
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Once the fund is uploaded, you can then download audit engagement letter, trustee
representation letter, investment strategy and various declarations which the auditor
may need from the trustees. After download the trustee can sign them and then you
(or trustee) can upload them.
You can also add your clients (trustees) on our system – this means that instead
of you uploading the documents – the trustee can upload the documents. Now you do
not have to wait for the financial year to end for the trustee to supply you the
funds information to complete your accounting work. The trustee can upload documents
during the year and you can prepare daily, monthly or quarterly financial statements
for your client. It is now possible for trustees not to visit your office to hand
over super fund documents (audit evidence), they can upload it for you on your website.
Once your final accounts and income tax return is ready, you can upload it along
with the software data file and intimate your auditor within the system that the
fund is ready for audit.
Our system is very intelligent – as the auditor progresses through the audit – operating
statement – balance sheet – income tax – member statements – compliance audit etc
it increases the percentage of completion at every stage. Hence, when you (or the
client) logs in at any stage of the audit – you will be able to see at what stage
the auditor has got to in all your funds audit (the client will be able to see only
his own fund).
Upload documents of the fund