Wealth accounting firm Class Ltd has launched an online tool to help accountants find auditors for self-managed super funds (SMSFs).
As a result of amended legislation, SMSF audits now needed to be conducted by an independent auditor, meaning accounting and auditing could no longer be offered by the same firm to the same client.
This could lead to as many as 40% of SMSFs searching for a new auditor, estimated to be around 200,000.
The Class tool would allow accountants to request quotes from multiple providers that connected directly to the Class product suite, including some of the largest SMSF audit companies in Australia.
Class had partnered at launch with Super Know How, Unison and BDO Audits.
Class chief executive, Andrew Russell, said: “The enhancement of the auditor independence requirements will see a significant movement in the SMSF audit market, so we have provided a facility that allows an accounting business to find an audit provider that operates on an integrated technology platform.
“It will allow accounting practices to make the decision to work with an audit partner based on automation through technology integrations, in addition to other factors such as price and agreed service levels.”
