It could be argued that many self-managed super fund (SMSF) trustees have little involvement in selecting their fund’s auditor. Either the SMSF administration provider or the fund’s accountant puts forward their preferred audit firm, and the audit just seems to happen.
But how do you know that this is the best or most appropriate option for you?
Should this decision be based solely on cost, where the cheapest option is selected? Or turnaround time, so that the auditor who can carry out the audit in the shortest time frame gets the job?
In my opinion, neither of these should be the deciding factor or dictate who you should engage. Instead, the decision should come down to these few simple factors:
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