How to Get Your SMSFs Through Audit Before the Lodgement Deadlines

How to Get Your SMSFs Through Audit Before the Lodgement Deadlines

As the lodgement deadlines rapidly approach, our audit team is working diligently to ensure all incoming audits are processed promptly. Ouraverage turnaround time is currently well under five days, which positions us favorably for the busy period over the next 6 weeks. However, your cooperation is vital in helping us complete your audits efficiently. Below are the key steps you can take to facilitate a smooth and timely audit process.

1. Confirm the Due Date

• Action: Identify which funds have a lodgement deadline of 15 May and which are eligible for lodgement by 5 June.
• Why  It Matters: Clear deadlines allow us to prioritize and schedule our workflow effectively.

2. Advise Us of Lodgement Extensions

• Action:  If any fund has an approved lodgement extension, inform us immediately.
• Why  It Matters: We can then prioritize funds without extensions and allocate resources accordingly.

3. Provide Information to Us ASAP

• Action: Send the required documents by close of business on Tuesday, 6 May to guarantee review before the first lodgement deadline.
• Why  It Matters: Submitting after 6 May means we may still review it promptly, but we cannot guarantee completion by the deadline.

4. Provide All Required Information

• Action: Use our audit checklist to ensure you submit all necessary information in one go. If you need a new copy of the checklist, let us know.
• Why  It Matters: Incomplete or missing information will delay the audit due to follow-up queries.

5. Ensure All Assets Are Valued at Their Current Market Value

• Action:  Accurately assess and document the market valuation for each investment. Avoid simply reusing last year’s figures without supporting evidence.
• Why  It Matters: Lack of documentation or justification for valuations leads to audit queries, prolonging the review process.

6. Review the Investment Strategy

• Action: During preparation of the financial statements, verify that the investment strategy complies with Regulation 4.09 and reflects the current investment approach.
• Why  It Matters: If the strategy is outdated or non-compliant, we will need to query it, causing further delays.

7. Answer All Queries at the One Time

• Action: Wait until you have all the answers to our queries before responding.
• Why  It Matters: Addressing multiple, partial responses can cause back-and-forth delays. Providing complete responses in one go helps us finalise the audit quicker.

8. Have the Client Sign the Required Documentation Before the Lodgement Due Date

• Action: Ensure all signed documents (e.g., financial statements,  trustee declarations) are sent to us promptly.
• Why It Matters: We will not issue an audit report without signed documents, and you cannot lodge the fund’s annual return without that report

If you have any questions regarding these steps or any other audit-related matters, please reach out to your client relationship manager. We appreciate your cooperation and look forward to helping you meet your lodgement deadlines smoothly.

Sajee Madarasinghe

Director

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