Audit Reviews

Comprehensive Audits: Provides both financial and compliance audits to ensure the SMSF is in line with Australian Auditing Standards (ASAs) and superannuation regulations.

Independent Review: Conducted by independent, ATO-approved auditors, which ensures the audit meets the necessary standards.

Peace of Mind: Offers a clear view of the SMSF's status, identifying any errors or mistakes that could lead to compliance issues or poor financial decisions.

Automation of Mundane Tasks: The software automates tasks such as signing, scanning, and mailing of audit reports, management letters, engagement letters, invoices, and contravention reports with a single click.

Efficient Workflow Management: It streamlines the audit process, allowing auditors to manage 20 or 2000 audits seamlessly and establish communication between all parties.

Integration with Accounting Software: The software integrates with BGL Simple Fund and BGL 360, allowing for the transfer of fund setup data, trial balances, and investment summary reports. It also pre-populates audit working papers and compares ASX listed closing share prices and dividend income, producing a discrepancy report automatically.

User-Friendly Interface: The software is designed to be user-friendly, making it easy for auditors to complete audits efficiently and accurately.

Cloud-Based Solution: It uses a cloud-based system, allowing auditors to access and manage funds from anywhere, anytime, using any device.

Compliance with ATO and ICAA Guidelines: The software ensures that audits are compliant with ATO and ICAA guidelines, reducing audit risk and driving SMSF compliance.

Reduced Time and Cost: It significantly reduces the time required to complete an audit, saving half the time compared to traditional auditing methods, and provides cost-effective solutions.

Robust Checklist and Cloud Process: The software uses a completely up-to-date online checklist and cloud process to deliver a robust, hassle-free top-quality SMSF audit.

Collaboration Tools: It provides tools for collaboration with accountants and trustees, ensuring that all necessary documents are received and processed efficiently.

Cost Variability: The cost of an SMSF audit can vary significantly depending on the complexity of the accounts and fund setup, with most audits costing between $450 and $900.

Potential for Inefficiency: Cheap SMSF audits may not identify compliance risks and other issues, which could result in serious compliance breaches.

Manual Processes: Some audits may still involve manual processes, which can be time-consuming and inefficient.