Outsource your firm’s SMSF audits through AuditMatch and we will find an equivalent number of independent SMSF audits for your firm, no reduction of your SMSF audit fees.
If you still haven’t decided what to do with your in-house SMSFs, why not join AuditMatch service and get your audits sorted. We’ll be starting the 2nd fund allocation in the next couple of weeks.
Our AuditMatch service is for accounting firms that use either an in house SMSF auditor or an audit firm that belongs to the same network. It is for firms that have good Chinese wall processes in place to ensure independence that has now been taken away from them.
The ATO have confirmed that from the 2022 financial year (relating to 2021 accounts) an SMSF auditor will not be able to perform the audit of a fund where the same firm or even network firm that has done any appreciable accounting work on that fund.
For this not to apply basically the fund needs to approach the firm with accounts prepared to trial balance.
AuditMatch is your solution to the above problem. Whilst we can’t allow you to continue to audit the funds in your own firm, we can source an equivalent number of SMSF audits from a number of other firms in a similar position to you.
This merely means they can now outsource their audits but not lose any fees.
Simply, if you place a particular number of audits into AuditMatch we will then find you a similar number of audits to perform at the same price as those you provide.
All communications can be done through the portal so that it doesn’t matter how many auditors and administrators you are dealing with.
We will run our initial algorithm in late June to allocate all your audits. All you then do is communicate through the portal, upload your files, download your audit reports.
If you have an issue then communicate through the portal, if you don’t get a resolution then we will adjudicate for you.
If that still doesn’t work we will assist in applying for specific superannuation advice from the ATO.
AuditMatch is beneficially owned and operated by Peter Johnson from Advisers Digest. Peter runs Australia's only dedicated SMSF Auditor training program.
When AuditMatch allocates audits to you, ours soon to be patented process will randomly select audits from at least 5 different firms so that you will never have an independence threat from being too reliant on one client.
We also know that at times there will be conflict between the accountant and the auditor and by subscribing to AuditMatch you will have Peter Johnson as a technical adjudicator. We are already seeing issues with firms using external auditors where there is technical conflict.
Our fees will be substantially less than what you would need to spend on marketing to access an equivalent number of audits on your own and we will also not be forcing you to accept lower fees for the audits you do plus you won;t be competing with auditors that charge far less.
Our fee is $4.40 per month per audit that is in the system. So if you have 100 funds you will pay us $440 per month. You couldn’t run an advertising campaign to achieve the same at this price. This is the most cost effective way to maintain your level of SMSF audit fees.
This will actually be led by our members. Remember that whatever you charge will also be charged to you. Your fees will be the same both in and out. At this stage there will be three tiers of audits and we will match based on each tier. Simple audits will be $440 each, the mid tier is $660 and the top level will be $1,100 per audit. We will put in place some rules around what goes in each level but be assured that for each $440 audits you give to the system you will receive the same back. Same with the $660 and $1,100 ones.
We will need at least ten thousand funds to ensure that there is a large enough pool to guarantee your independence. We are well on our way to that number. We are well on our way to having the required number of funds and we believe we will be well in excess of the number required.
This would certainly allow you to save the fees of having us administer the network but this is like employing family. It is great until there is an issue and you can’t get rid of them. You will have technical conflict, you will have conflict over the bills, 30 years of selling to accountants has also taught me that you will struggle with debtors (payment up front is required in AuditMatch), you will need to sort out the documents because you won;t have a portal that keeps everything. In the end it will be far more expensive and time consuming to run your own small network.
Peter Johnson has been providing services to the accounting profession since 1988. There is very few people in the country with this level of experience. Peter knows that accountants LOVE to delay paying for services. This is understandable because their own business is cash flow intensive with high debtors but virtually no creditors. The AuditMatch system will require the firm to pay for the audit report before they can download it. So you have great incentive to finish your work because you know you will get paid immediately.
Simply enter your details below to register your interest, we will be in touch