Overview

The Audit Management screen improves your workflow by tracking an SMSF’s audit from start to finish. It lets you update the audit status and store all the necessary documents manually, and Audit Partners and Software, which connect to BGL’s API, can do this automatically. Furthermore, once the audit is complete, you can easily update the Annual Return directly from this screen.

For information on the global view of the Audit Management screen, click here. 

Navigation

From the Sidebar, navigate to compliance.
Select Audit Management.

To add a new audit, click Add new audit record, this will open the Create New Audit Record pop-up.

An audit record will be automatically created once create entries are processed to June 30th in the period compliance screen. Audit records will also be created based on data from the lodged SMSF Annual Returns from prior financial years. 

1. Select the financial year from the drop-down
   
   
2. Select the Audit Provider
   If 'Other' is selected, then there is the option to select the Audit firm
   
   
3. Select the Auditor Contact, this will be the contact entered in the fund relationship screen.
   
   
4. To finalise the creation of a new audit record, either:
   
   
   • Select an auditor that has access to the fund and Simple Fund 360 will send an email to notify them that the fund is ready for audit.
   • Toggle on the Notify Auditor Externally if the auditor does not need to be notified.
   • The audit record can also be created without selecting either above options (Without Notification)
     
     
5. Click Create New Audit Record

The Audit Management Screen will now display the new record.

On the created audit record, there are three actions, Notes and Logs, Details and Delete.

Documents Notes and Logs Audit Details Delete audit records

The Notes and Logs action will open a pop-up onto the Documents tab to assist with the quick uploading of documents.

Uploading documents through the BGL API

 If the Auditor is utilising the API, then documents will be automatically uploaded through the API. They will also be synced across to the documents screen 

Manually uploading documents to the audit record

To upload a document in the Notes and Logs pop-up, first click on the notes and logs action to open the pop-up, then navigate to the Documents tab. Then click the button on either Audit documents or Other Documents, this will open a new pop-up where the user can drag and drop the documents to be uploaded. Once completed, click confirm and the documents will be uploaded to the Audit record.

The documents uploaded in the Notes and Logs pop-up can be previewed, download or deleted by click the three dots to the right of the document.

Notes

The Notes tab allows users to enter a 300 hundred character note for future reference and/or others with access to the fund to read. To add a note, navigate to the Notes tab. Type the note into the text box and click Add note.

The toggle to mark the note as private will only allow User roles with Private notes enabled to view the private notes. 
Once the note has been posted, the user has the option to edit, delete and make the note public or private.

Log

The log lists all of the changes made to the audit record for users to review, displaying the user, date and time of when the change was made.

The Audit Details screen provides a more detailed view of the audit record.

Entering audit details screen with an API

1. The drop down allows the user to select an auditor that has access to the fund and send/resend the auditor an email that the fund is ready for audit. This will not appear if the Audit record is created with the Auditor notified externally toggle is enabled.
   
   
2. Tracks which status the audit is at, who set it to that status, and the date and time it was set to a status. 
   
   
3. Sets the current status of the audit. This will be set automatically if the auditor is connected through BGL's public API
   
   
4. Selects the Auditor currently completing the audit. This will be set Automatically through the API
   
   
5. Allows for the Completion date of the audit to be entered, as well as to whether the audit report was qualified. This will automatically be set by the auditor through the API, and will automatically be transferred to the SMSF Annual Return.
   
   
6. Allows users to upload documents to the audit record. The auditor can seamlessly upload documents through the API
   
   
7. Allows the user to lock the audit record once the status of the audit record is set to completed, to ensure that no other details are changed. This will automatically be set by the auditor through the API when the Auditor marks the audit as complete.
   
   
8. Allows the user to write notes and review the log of changes made to the Audit record.

Entering audit details manually

1. The drop down allows the user to select an auditor that has access to the fund and send/resend the auditor an email that the fund is ready for audit. This will not appear if the Audit record is created with the Auditor notified externally toggle is enabled.
   
   
2. Tracks which status the audit is at, who set it to that status, and the date and time it was set to a status.
   
   
3. Sets the current status of the audit.
   
   
4. Selects the Auditor currently completing the audit
   
   
5. Allows for the Completion date of the audit to be entered, as well as to whether the audit report was qualified. Once this is done, the user are required to select Update SMSF AR button to integrate the data into the SMSF Annual return.
   
   
6. Allows users to upload documents to the audit record
   
   
7. Allows the user to lock the audit record once the status of the audit record is set to completed, to ensure that no other details are changed
   
   
8. Allows the user to write notes and review the log of changes made to the Audit record.

 

The delete action will delete the audit record from the fund, there will be a prompt to confirm the action.

FAQs

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1.  When validating the Tax Return in the Tax Compliance screen a message appears "Fund has been Validated however the Audit has not been marked as completed for the financial year 202X"

The warning message that appears on the Tax Compliance indicates for that specific fund, the Audit process has not been marked as complete. This is indented as an internal compliance check that can be ignored, this will have no impact on the lodgment of the Tax Return.   

For more information press here