Benefits of Carrying Out Your Self-Managed Super Fund Audit Online
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There are many responsibilities that come with managing a self-managed super fund (SMSF) and one of these is carrying out an annual audit. The traditional process includes hiring an auditor and this comes with scheduling appointments to exchange information. There will be physical documents exchanged as well. But the process of SMSF audits uses technology to achieve a higher level of accuracy.
The significance of an online SMSF audit is the convenience it provides the clients. When it comes to a traditional audit, there will be several face to face meetings and you will need to coordinate schedules with the auditor. Sometimes there will be exchange of documents through postal services. The audit process can be accessed online so you will be able to have meetings at home or office. There will be no need for physical paperwork. The online audits are accessible 24/7 so you will be able to maintain communication with auditors and monitor the process at any time. You will also be able to submit documentation online. This will reduce the administrative burden that comes with traditional SMSF audits. You will be able to manage time better and the process will go a lot smoother as well because you don’t have to go for physical meetings.
Compared to traditional audits, the online SMSF audits have a faster turnaround time.
You will be able to submit the documents required electronically and once submitted, these will be instantly available for the auditors. This eliminates the delays associated with postal services or issues when it comes to scheduling or coordinating physical meetings. Because this allows for a much faster process, your audit report will be received faster. You can also ensure that the report complies with the regulatory requirements efficiently. There are automated procedures and checks when it comes to an online audit process so that the auditing process can be made faster. There are many online tools that can be used to identify any discrepancies or inconsistencies so that it is easier to correct them. These tools can also be used to verify transactions.
Data security and confidentiality are prioritised when it comes to SMSF audits.
There are secure online platforms that offer encryption techniques so that sensitive financial information can be protected. You can ask the auditing services about the online platforms they use and the level of security offered. These platforms are designed to high cyber security standards so that your data will be protected from unauthorised access. In traditional audits, there is a risk of physical documents becoming lost or damaged in transit but this will not be an issue with online SMSF auditing. All the documents will be stored in digital format so that the risk of data loss is reduced. As there are no travel expenses, postal feed or printing charges for physical documents, the online SMSF audits tend to be more cost-effective. There are also reduced labour costs so that you will be able to find lower audit fees for the trustees.