Why work papers are critical for both SMSF administration and audit

Why work papers are critical for both SMSF administration and audit

Self-managed super funds (SMSFs) use work papers to record, organise and report their financial statements and activities. They can be prepared manually using Excel and PDFs or created efficiently through accounting software. Timely and accurate work papers can help streamline accounting for fund administrators, while they provide auditors with the information they need to conduct compliance checks for annual end-of-year audits.

3 key benefits of SMSF work papers for accountants and fund administrators

SMSF work papers offer significant advantages for accounting and fund administration, such as:

  1. Supporting financial statements and tax returns. SMSFs use the work paper record and organise the supporting documents which will support the financial statements and tax return.
  2. Promoting transparency and traceability. Work papers allow fund administrators and accountants to understand the entire history of a fund at a glance. They can easily trace transactions and verify details of financial activity.
  3. Improving data accuracy. Recording and linking data reduces the risks of error and ensures all information is correct. More reliable financial statements and records can support smarter fund management decisions.

4 key benefits of work papers for SMSF auditors

Auditors conduct annual audits to determine whether an SMSF complies with superannuation rules according to the Superannuation Industry (Supervision) Act 1993. Work papers play an essential role in helping auditors:

  1. Improve audit efficiency. Hyperlinked work papers provide auditors with easy access to quickly navigate all the necessary documents and data points they need to conduct the audit.
  2. Increase audit quality. Work papers provide a complete and clear audit trail, enabling auditors to conduct thorough verification and analysis.
  3. Reduce audit time. Well-prepared work papers reduce the time auditors need to complete the audit, while minimising disruption for fund administrators.
  4. Enable easy compliance verification. Auditors have all the necessary financial statements, accounts, reports, and transaction activity they need to determine whether an SMSF complies with superannuation rules.

Sundaram Business Services offer solutions for both SMSF Administration and SMSF Audits

Whether you need to streamline your fund administration or make preparing for audit time fast and easy, Sundaram can provide customised client-based work papers for your SMSF. We offer expertise in manual work papers using Excel and PDFs, as well as a range of accounting software that offer innovative work paper solutions, including BGL, Class Super, Desktop Super, SuperMate, and HandiLedger.

As one of the earliest offshore service providers for SMSFs, Sundaram has been exceeding customer expectations for more than 20 years. Our team of over 70 professionals handle 5,000+ super funds every year, with a proven track record of 16,000+ audit funds and 42,000+ administration funds handled.

While we are an SMSF outsourcing partner, we pride ourselves on acting like a seamless extension of your in-house team. Our unique engagement model has empowered us to create successful long-term business partnerships that our clients value extremely highly:

We couldn’t be more delighted with the business partnership we have with Sundaram. We have moved on from outsourcing only our SMSF business to now outsourcing our tax returns as well. We encourage anybody who is thinking about outsourcing to consider partnering with Sundaram.

— Margaret Mote

CEO, Bongiorno Group

If you need an outsourcing partner to create work papers for your SMSF, get in touch with our team today. Book a consultation and discover how we can streamline your SMSF administration and enhance your compliance processes at audit time.

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Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across AccountancyPortfolio ManagementSelf-Managed Super Funds, and Mortgage Broker Support, our business becomes an extension of yours.

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