Overview
The purpose of this guide is to assist SMSF Auditors in gaining a better understanding of Simple Fund 360 and how auditing in the cloud can streamline the audit process.
A summary of the guide is included on this page. The complete guide can be downloaded by selecting the button above. The Guide contains an overview of Simple Fund 360, an explanation of the audit work papers functions, which reports are best used, how Simple Fund 360 handles the Super Reforms and discusses integrated audit solutions that can draw data from Simple Fund 360.
Request an Invitation to Simple Fund 360
Auditor access is provided to Simple Fund 360 by the software administrator.
See Inviting an Auditor to Simple Fund 360
The auditor will receive an email invitation to login and create a password.
The Auditor will then be able to access:
- Some Dashboards
- Reports
- Live Reports
- Documents
Refer to User Roles for more detailed information on the Auditor User Role.
Navigation
The following pages provide instructions on how to log in and navigate around Simple Fund 360:
Useful SMSF Reports and Reconciliations
The following Reports will assist you in the audit process.
General Reports
| Report | Description |
|---|---|
| General Ledger Report | This Report can be found under Reports | Work Paper Reports. You can also refer to Running a General Ledger Report for specific accounts. |
| General Ledger - Audit View | This report shows the transaction source and type and identifies manually input and automated transactions. Click Options to prepare this report for a specific ledger account. This Report can be found under Reports | Work Paper Reports |
| Trial Balance | Report which balances of all ledger accounts are compiled into debit and credit columns. |
| Detailed Trial Balance |
A Detailed Trial Balance includes detailed information for the following:
|
| Contribution Breakdown Report | Provides summary of contributions made for the year, details from SuperStream and Contribution Caps |
| Pension Summary Report | Provides a compact view of all active pension accounts for the fund. The report will detail Pension members, Pension start dates, Pension type, Minimum and Maximum amounts, Tax free %, Payments for year, The report can also be used to reconcile pension payments appearing in the operating statement. |
| Fund Summary Report |
This Report displays a summary of the Fund's Details and Contacts can be found under Reports | Work Paper Reports
|
Verifying Bank Accounts and Bank Feeds
| Report | Description | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Bank Feed Comparison Report |
The following are key items in the report:
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| Bank Statement Report |
Where a Bank Feed has been established, this will compare the Bank's Balance in the Simple Fund 360 ledger against the Statement Balance reported by the Bank or Financial Institution daily. This Report can be found under Reports | Work Paper Reports Please Note: The Statement Balance in this report is the actual statement balance received by the Financial Institution. The Statement Balance cannot be edited by any user. |
Verifying Investment Unit Balances and Valuations
| Report | Description |
|---|---|
| Investment Summary Report |
This report lists the units held, market price, market value, average cost, accounting cost, unrealised gain/(loss), percentage gain/(loss) and the percentage of total investments for each investment (portfolio weight). |
| Investment Unit Prices Report |
The Investment Unit Price Report provides information on whether an investment report's unit price is a system price or manually entered. That's not all, and the report also enables users to discover the latest market value price for an asset within the relevant financial year or the last known price if the previous update was before the financial year. |
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Real Estate Property
| Report | Description |
|---|---|
| Property Summary Report |
This report lists the property types, market value, valuation date, lease expiry date, and whether the property is subjected to LRBA for all property accounts held in a fund. |
| Rental Property Statements |
Simple Fund 360 allows you to produce a Rental Property Statement detailing the income and expense transactions for an investment property for a specified period. This report can be used to complement the fund's Operating Statement. |
Capital Gains Reconciliation
| Report | Description |
|---|---|
| Capital Gains Reconciliation Report |
The Capital Gains Reconciliation Report has been added to the Investment reports section of Simple Fund 360. This report will detail:
|
| Realised Capital Gains Report |
This report will detail the following for a fund's current investments:
|
| Distribution Reconciliation Report |
The Distribution Reconciliation Report will verify tax components that have been entered against your distribution income.
|
| Detailed CGT Relief Schedule | The Detailed CGT Relief Schedule provides a report on the actions undertaken by the fund in regards to the Cost Base reset. |
Income Reconciliation
| Report | Description |
|---|---|
| Investment Income Comparison Report |
This report compares the income events processed in a fund to the expected income amount based on unit holding and announcement data. The report is particularly helpful when you have a broker feed active as the expected income is calculated using the unit holding on the ex-date. Variances are highlighted to you on the report making it easy to identify possible misstatements. This report can be found under Reports - Investment Reports. |
| Dividend Reconciliation Report and Comparison Report |
The Dividend Reconciliation Report allows you to verify tax components of all dividends received for the financial year and to assist in reconciling the amount of dividends in the operating statement. For each dividend, the report lists:
|
| Distribution Reconciliation Report |
The Distribution Reconciliation Report has been added to the Reports screen to assist you with the following:
|
| Interest Reconciliation Report |
The interest reconciliation report has been added to help you reconcile the following:
|
Taxation and ECPI
| Report | Description |
|---|---|
| Exempt Pension Income Reconciliation Report | The Exempt Pension Income Reconciliation Report has been added to assist you in reconciling ECPI amounts for all labels of Section B of the Annual Return. This report will provide ECPI findings for both unsegregated (Proportionate) and segregated funds. |
| Non-Deductible Expense Reconciliation Report | The Non-Deductible Expense Reconciliation Report has been added to assist you in reconciling ECPI amounts for all labels of Section C of the Annual Return. This report will provide non-deductible expense findings for both unsegregated (Proportionate) and segregated funds. |
| Tax Reconciliation Report | The Tax Reconciliation Report has been added to assist you in reconciling tax amounts within a fund with The SMSF Annual Return. The report will detail the amounts that make up tax label figures and the dates these amounts occurred. |
Confirming ASX Balances using Share Registries
The Balance Review screen displays a comparison for investment balances between the balance calculated by Simple Fund 360 and the balance reported by a third party such as a Share Registry or wrap investment portfolio.
Simple Fund 360 now integrates with 4 Share Registries (Computershare, Link Market Services, Boardroom and Advanced Share) to automatically receive Holding data based on the Fund's HIN or SRN. The Balance Review screen can be used to confirm unit balances with each of the supported Registries on a quarterly basis. This service will support unlimited HINs or SRNs per fund.
The Balances displayed under Third Party are received directly from the Share Registry and/or Wraps and Platforms. No user cannot edit these Balances.
Workpapers
Accountants/Administrators may send Auditors a completed workpaper file (with source documents). Auditors may also be invited to access a read-only view of the Workpapers screen.
Only notes with the label "Matter for attention - Audtor" will be viewable by the Auditor.
Third Party Audit Workpaper integration
Simple Fund 360 also integrates with the following providers:
Audit integration with Simple Fund 360 has been implemented through the BGL API.
While the process is different in each package, the data extracted through the API consists of:
- Import of the Simple Fund 360 fund list. Fund, member and trustee data is loaded.
- Import of the Trial Balance and relevant reports. The audit applications dynamically create and populate folders, lead schedules and lead schedule summaries.
- Some applications will import documents from BGL's Workpapers.
Audit Reports
Simple Fund 360 provides users with a full range of Audit Reports provided by TAG Financial Services.
The following reports can be accessed from Reports | Audit Reports:
-
- Audit Planning Memorandum
- Audit Working Papers
- Compendium Index
- File Index
The following Settings are available for these reports:
- Compliance Checklist
- Fraud Checklist
The following Settings are available for these reports:
-
All of the above reports can be customised. Refer to Customising the Template for an Existing Report.
Querying Accounts
Simple Fund 360 provides a transaction drill down facility for all ledger accounts which can be accessed through Account View.
- Clicking in a row on the Account will display all transactions which form the balance for that Account.
- You are able to export the views to excel.
Documents
The Reports | Documents screen allows the trustee, administrator and auditor to store and share the fund's documents. The screen has the following functions:
- Upload unlimited documents to Simple Fund 360 for each fund
- Store Simple Fund 360 Reports for easy access
- View documents and reports
- Apply tags to documents for grouping and searching purpose
Users can upload Permanent Documents such as Trust Deeds or annual documents such as dividend, distribution and tax statements.
The accountant/administrator can add completed Financials, working papers and other documents to support fund transactions saving them from emailing them to the auditor and creating a paperless audit. The Auditor can then log in, view/download documents and upload their completed Audit Report.