A new online self-managed superannuation fund (SMSF) audit service deisigned to speed up processes and improve efficiency has been released to the market.
Developed as a result of a merger between the SMSF audit businesses of Heffron and BCS Directions Evolv has been formulated to automate the routine aspects of a superannuation audit to allow practitioners to concentrate on the more technical aspects of the task.
"Evolv is a totally new approach to self-managed super fund audits. Our technology based audit process changes the way audits have traditionally been performed, allowing our auditors to focus on important SIS (Superannuation Industry Supervision Act) issues," Evolv managing director Ron Phipps-Ellis said. The new audit organisation's pricing model reflects time savings achieved via the use of technology which inturn will result in costs svaings for its clients. Some of the functions Evolv will automate include pre-populating and performing key audit steps, verifying market holdings and transactions, reporting and the generating of document, and streamlining audit queries and responses.
Other operational tools have also been made available such as time tracking, and workflow and document management. Evolv has anticipated it will perform 4000 audits during this financial year.
"Evolv has nowredefined the way super audits have been traditionally performed. Evolv is poised to set a new standard for SMSF audits," Phipps-Ellis said.
