Our audit process is designed to ensure the completion of the audit in a timely and efficient manner. Our process can be summarised in the following steps:
1. Completion of pre-audit information request and providing audit documentation
• Comprehensive pre-audit documentation checklist provided to minimise additional requests for information once the audit commences.
• Audit documentation provided for audit (onsite, hardcopy or using secure client portal)
2. Financial and compliance audit procedures undertaken
• Audit commences when documentation provided
• Timely communication of any additional information required to complete audit
• Material issues identified during the audit process communicated to client as, and when, they arise including potential solutions to rectify issues
3. Audit reporting
• Issue of audit deliverables which includes audit report and management letter
• Additional audit reporting including ATO auditor contravention report, and Section 129 notices, may be required depending on the issues identified during the audit.
Issues are discussed as, and when, they arise to ensure there are “no surprises” during the audit reporting step.
At DFP we find that discussion of any potential SMSF audit issues during the year, not just at audit time, ensures the efficiency of the audit process. We offer technical support over the phone or in person to answer any potential SMSF audit issues (financial and/or compliance) that you may have during the year.
