Welcome to the new SMSF 5.0 Content Pack!
Audit | SMSF clients can now access our new SMSF 5.0 content pack.
This slick content pack will return greater efficiency to you when completing your SMSF audit engagements. Key enhancements include:
- Preempted Preliminary Engagement Activities and Audit Strategy workpapers
- The Customiser now contains a pre-engagement questionnaire and a completion questionnaire with only relevant workpapers, sections, and procedures automatically being added to the file based on the profile of the fund
- The completion questionnaire located in the Customiser allows you to work through the ATO Contravention Report 7 tests, to assist in identifying reportable contraventions
- The Audit Program is now in checklist form (yes, no, not applicable) and presented in only two workpapers
It is important to note that it is not obligatory to transition your funds from SMSF 4.0 to SMSF 5.0, however it is strongly encouraged as SMSF 5.0 has been developed to provide you with the most efficient and high-quality SMSF content for completing your audits. We are committed to supporting SMSF 4.0 for the foreseeable future.
For information and recommendations on transitioning from SMSF 4.0 to SMSF 5.0 please see the following articles: