The key to a low cost and no fuss audit is communication and well-organised documentation.
• If you are unsure of something discuss it with your auditor or SMSF accountant beforehand.
• Make sure you aren’t missing anything. If you are, then track it down before it gets to the auditor.
• Your auditor doesn’t need every receipt for every transaction (although your accountant may need these). Your auditor only needs to test a percentage of your transactions. Usually those over 10% of the account balance.
• Ensure you have a documented investment strategy.
• Ensure you have minutes for significant decisions such as starting/stopping a pension.
Contact David Howells for more information.
