Your clients are always your clients
Client retention is vital to the success of any business. KSA understands the importance of the business relationship you’ve established with your client. As a specialist SMSF audit firm, KSA does not offer any accounting or taxation services and is solely concerned with conducting a professional audit for you and your client. Any communication and correspondence with your client is limited to that conducted via your practice.
These parameters are clearly outlined in an engagement letter between KSA and your firm.
Negotiable audit fee
If your practice requires multiple funds to be audited, KSA is willing to negotiate a fixed audit fee across all your funds. This fee is based upon the fund volume in addition to the quality of substantiation documentation provided. There are no onerous requirements for set work papers or documents; merely the necessity that all pertinent information is provided in a format that allows a streamlined approach to the audit. There is a simple checklist that ensures all relevant information is available. KSA is able to provide some documentation improvement tips in order for your practice to get the best possible value for your clients. Our fixed audit price generally falls between $440 and $660 (inc. GST). Contact KSA for a quote on your audits
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Some trustees seem to make complicated investments that stretch our knowledge in both accounting and
auditing. KSA’s experienced and knowledgeable audit team can provide feedback that ensures you can assist those trustees to maintain compliance with SIS legislation despite these investment complexities. Communication between auditor, accountant and advisor can greatly benefit the trustees to understand how their investments are viewed from all perspectives.
Trustees aren’t always able to rectify prior year audit issues in the timeliest manner nor have they always understood all circumstances surrounding a particular transaction in their fund. Unfortunately, contraventions do occur and there are situations where these breaches must be reported to the regulator. Open communication through the audit process means that you’ll never be surprised by a lodged contravention. Any fund with a reportable contravention shall be discussed with you prior to lodgement. With communication and quick action by trustees, it may be possible to notify the regulator that, whilst there has been a contravention, the matter has since been rectified. A reportable breach is penalty enough to a trustee so, of course, KSA do not impose an additional fee for a contravention.
Fund Action Report
Now the fund has received its Audit Report, it is most likely that the trustees will not consider their
management issues until the next audit. Unfortunately, this is after 30 June of the next year has passed, without any corrections to audit issues. KSA offer your practice the opportunity to apply for a Fund Action Report prior to 30 June each year. This Fund Action Report lists potential future contraventions for each fund based on the management letter points found in the last audit. This simple, concise report allows your practice to easily prompt your clients into action before year-end arrives. This reminder may be enough to avoid a contravention in the future.
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