SMSF audit independence – the time to act is now! Daria Galstyan CA, Associate Director – Audit at Evolv, urges accounting firms to act now to prepare for SMSF audit independence requirements that come into force on 1 July 2021. In the second half of 2020, Evolv recorded a 60% year-on-year rise in the take-up of its Evolv Black SMSF audit service as accounting firms take proactive steps to prepare for 1 July 2021. It’s a figure that suggests accountants are planning ahead for the new SMSF audit independence requirements rather than risk disciplinary action by ASIC. But according to Daria, som ..read more

Evolv CEO, Ron Phipps-Ellis gives his perspective on the new Director Identification Regime. Read the full article here ..read more

As any accountant with SMSF clients knows, the laws around compliance are complex, and it can be easy for trustees to inadvertently breach the rules. That’s where the relationship between an accounting firm and its SMSF auditor can make a valuable difference. With the due date for SMSF audit independence fast approaching, there are good reasons for accounting and advisory firms to select an audit specialist with true depth of experience. The task of preparing SMSF financial statements is not always clear cut, and using an SMSF auditor such as Evolv, can bring clarity to compliance matters ..read more

No two self-managed super funds are identical so it stands to reason that no two SMSF audits will be the same. Daria Galstyan CA, Associate Director – Audit at Evolv, explains why this matters. When it comes to selecting an independent SMSF auditor, it pays to bear in mind that the whole exercise should be much more than a ‘tick and flick’ process, and that communication between an auditor and the accounting and advisory firms is a critical in the process. As Galstyan observes, “A key area we focus on is the risks associated with the various types of investments held within the fund, whethe ..read more

Organisational change is never easy but it can bring outstanding benefits. Daria Galstyan CA, Associate Director – Audit at Evolv, looks at how accounting and advisory firms can manage the changes required for SMSF audit independence.  Moving to an independent SMSF auditor is a process that calls for planning – and Galstyan believes the more accounting and advisory firms prepare upfront, the smoother the change process can be. “It’s all about putting effort into the relationship with your SMSF auditor and understanding that there is support available. In Evolv’s case, you will have a de ..read more

What does it take to move to an independent SMSF audit service? Surprisingly little when you partner with the right auditor.  Muhammad Khalid, SMSF Audit Manager at independent SMSF audit specialist Evolv, explains just how easy it can be to transition to an external SMSF auditor. “At Evolv, we understand that making the move from in-house SMSF audits to an external auditor is a new and therefore unknown process,” says Khalid. “That’s why we have a carefully structured onboarding process which starts by providing a main point of contact – an Evolv expert, who is part of our dedic ..read more

APES 305 gives accounting practices a compliance framework to implement SMSF audit independence ahead of 1 July 2021. Daria Galstyan CA, Associate Director – Audit at Evolv, points out that the disclosure requirements of APES 305 are based on materiality. If a firm uses another firm’s services to a material degree, this must be disclosed in the client engagement letter. As we move towards 1 July 2021, and the new SMSF audit independence requirements, this has implications for practices seeking to outsource their SMSF audits. The question is, can APES 305 help accounting practices n ..read more

There’s a lot riding on your choice of SMSF auditor, and like any long-term relationship, it pays to get it right the first time. As accounting and advisory firms seek independent SMSF auditors ahead of 1 July, it pays to narrow down the choice by knowing what to look for. Trust, scale and experience are high on the list – but so is a human touch. David Goldsmith CA, Business Development Manager at specialist SMSF audit firm Evolv, explains the key features to look for when selecting an SMSF auditor. Look for a sense of trust According to Goldsmith, the search for an SMSF auditor should b ..read more

As the deadline for SMSF audit independence approaches, accountants need to be mindful when selecting an SMSF auditor with the resources, processes and experience to conduct timely and efficient audits. A smooth audit is a good audit. It delivers a win-win for both accounting and advisory firms and SMSF trustees, and there are signs to look for that an SMSF auditor can complete a large volume of SMSF audits without unnecessary stress or delays. Communication is critical Santa Dutta CA, Associate Director – Audit at specialist SMSF audit firm Evolv, believes communication plays a significan ..read more

Does your SMSF auditor have the capacity to take on more audits? We look at why scale matters when it comes to meeting SMSF audit independence requirements. As accounting firms race to meet the 1 July deadline for SMSF audit independence, many will be seeking to form new relationships with SMSF auditors. Scale is a key issue to consider in the selection process. Daria Galstyan CA, Associate Director – Audit, of leading SMSF audit specialist firm Evolv, explains, “Scale isn’t just about having the headcount to handle a large volume of SMSF audits. It also comes down to making smart use of t ..read more