Specialist self-managed superannuation fund (SMSF) audit firm Engage Super Audits has launched a service to the market allowing clients a close to real time, customised audit process.
Called Engage on Demand the new facility is considered an industry first and will allow financial advisers and accountants the ability to have immediate access to signed audit reports, to see the status of each SMSF audit on demand as it passes through the audit process, to manage audit fees, and to access client lists and statistics with reporting capabilities and functionality that will allow the progress of audits to be monitored as they head towards lodgement deadlines.
"It's an interface that basically allows you access to your auditor 24 hours a day, seven days a week," Engage Super Audits business manager Matt Heighway told InvestorDaily.
"We're trying to facilitate a more strategic approach to the audit. So instead of looking at auditing as the last step we're looking to have people include it within the whole SMSF strategy."
The new audit interface also gives clients the ability to ask the Engage Super Audit team questions and for help with any problems a particular SMSF might be having.
As part of this feature clients will also have access to a database of previously asked and answered questions along with information on the latest SMSF news and strategies.
"So the adviser will have access to the auditor whenever they need them because it shouldn't be a case of waiting until the end of the year to find out what is wrong with a fund," Heighway said.
"We've always worked in that rectification space but it's more about rectifying the situation straight away.".
According to Heighway the ultimate goal is to achieve a daily audit process.
"If we can take how we get the information out of the equation then we can start looking at a daily audit. That means signing things off daily and collecting source documents when major transactions take place rather than getting to the audit stage before we look for purchase documents," he said.
Engage on Demand is available to practitioners now and existing clients will not be charged any additional fees to use the facility.
