The client is based in Australia and is a market leader in offering industry-leading financial software at affordable prices. It provides a unique platform for people to plan their financials in a better way. Their high-end products are designed around customers to make life and activities more convenient.
Client is a market leader in offering industry-leading financial software at affordable prices. Client approached TatvaSoft with an idea of launching a Financial Software that can provide an exclusive platform to subscribing Individuals and Advisors, where software will enable you, to plan and conduct an audit comprehensively in line with the Australian Auditing Standards including Auditing Guidance Statement GS009, Standards on Assurance Engagements, Superannuation Industry (Supervision) Act 1993, Superannuation Industry (Supervision) Regulation 1994 and Income tax act and other applicable legislation.
Client wished to produce a highly featured online SMSF Audit application where the targeted customers can easily manage, audit & review their SMSF funds without any manual hassles. The aim was to provide highly secure & feature rich method of managing/auditing funds for every single subscribing trustees, accountants or auditors.
Key challenges of the project were:
- SMSF Auditors spend too much time in financial audit and completing manual audit working papers.
- Auditors needed to visit client's offices in order to conduct the audits, which required a lot of time scheduling to complete audits inside office hours.
- Hiring a SMSF auditor requires spending lots of hours and efforts. Software should be providing easy to use Auditor Search interface to find ASIC approved SMSF auditors.
- Software should be able to search auditors or audit firms in the proximity of 10 KMs, 100 KMs or 1000 KMs.
- Online solution can be easily integrated into the leading accounting software (like TrustDeed, BGL Simple Fund, BGL 360, etc.) or any other third party accounting software.
- Software should work on all the browsers of PCs and Mac Operating systems.
TatvaSoft developed a cloud based software solution "Online SMSF Audit System" which is easily accessible from computers and offers user-friendly features that promote the purchase of this software product.
Following are the details of features per user level in Online SMSF Audit system.
- Audit Partner can register a Firm with the system
- Can add, edit and delete Auditor(s), Accountant(s), Trustee(s) and Audit Staff, can access all funds associated with his/her firm
- Can raise queries with client related to an audit of a fund
- Can execute and complete SMSF audit
- Auditor an add, edit and delete Accountant(s)/Trustee(s), Audit Staff.
- Can access funds created by him/her and assigned by Partner for the current year
- Can raise queries with client related to the audit of a fund
- Can execute and complete SMSF audit
- Audit Staff
- Audit Staff can access funds assigned to him/her
- Can upload Super Fund Permanent documents and audit evidence documents for the audit year
- Can execute SMSF audit but cannot complete an audit
- Client can upload permanent documents of SMSF and audit evidence documents
- Can reply to queries raised by Audit Staff/Auditor/Partner
- Every type of user can upload and download Audit working Papers and Reports, Super Fund Permanent documents and audit evidence documents.
- Ability to access previous years audit reports for his/her audits completed in our Online SMSF Audit System
- System can fetch SMSF data of clients from BGL 360, BGL Simple Fund Desktop and TrustDeed website, eliminating the need for manual data entry.
- Ability to conduct Online Seminars and Webinars to provide training on the various aspects of SMSF funds and auditing.
- Customized website integration enables the client to leverage this portal's functionality into their own website through iFrame cross-domain communication mechanism.
Client gained immense benefits from TatvaSoft's end-to-end services that accelerated client's business and created cost-savings. TatvaSoft successfully developed a richly formatted on-line SMSF funds auditing platform expediting the customers to manage retirement plans with few clicks, which can be used by SMSF trustees, accountants and SMSF auditors.