We’ve recently sent the renewal invitation for the audit insurance we offer business and superannuation fund clients
The insurance is designed to pay our fees in handling an audit you may receive from a statutory body e.g. ATO, Workcover, Office of State Revenue.
Self Managed Superannuation Funds (SMSF)
The ATO has indicated that any SMSF that has received a “Contravention Report’ from the auditor, no matter how trivial will be subject to more scrutiny in the coming year.
This possibly is another reason for SMSF trustees to take out the insurance.