SMSF Audit Link passes ATO audit with flying colours!
The founder of SMSF Audit Link, Sarfraz Aslam, has been judged by the Australian Tax Office (ATO) to be fully compliant with all aspects of SMSF auditing. After 3 funds under his control were audited as part of a voluntary compliance program, the ATO confirmed that he was among the top 10 SMSF auditors awarded a ‘no further action’ result. This was the best possible outcome.
The ATO set out to review the top 100 SMSF auditors in Australia, who between them account for 33% of audits, representing around $186 billion in assets. The first batch of 51 audits (including SMSF Audit Link) was completed in late 2019. Aside from the top 10, 36 other auditors required further education, 2 were referred to ASIC for compliance failures, and 3 more were deregistered. The balance of this top 100 audit will be finalised before the end of the 2019/2020 financial year.
SMSF Audit Link is justifiably proud of making the top 10 list of the top 100 SMSF auditors. Sarfraz was confirmed by the ATO as being fully compliant to all regulations under the relevant Superannuation Industry Acts for the three funds under his management that they audited. The ATO found that the audited files contained all relevant working papers and sufficient appropriate evidence to support opinions formed in relation to the financial and compliance audit.