How Elite Super Streamlines SMSF Audit Compliance with MyWorkpapers

Performing SMSF audit compliance effectively is a task that demands unwavering commitment to audit compliance, detailed documentation, and streamlined workflows. For Katrina Fletcher, founder of Elite Super, the journey towards delivering excellence in SMSF audits has been shaped by two decades of hands-on experience, a client-first mindset, and adopting innovative technology like MyWorkpapers. 

SMSF Audit Compliance: Why It Matters More Than Ever 

SMSF (Self-Managed Super Fund) audits are one of the most complex and scrutinised sectors within the accounting industry. Given the high regulatory expectations and the potential consequences for non-compliance, firms face the challenge of ensuring not just accuracy but also comprehensive documentation at every stage. 

Katrina Fletcher fully understands the critical importance of SMSF audit compliance. “A great SMSF audit protects your brand,” she says, “Our clients know they’re getting quality and assurance because we follow the highest standards.” 

Strict compliance standards mean that every piece of evidence must be securely stored, every checklist item covered, and every audit note meticulously kept. Failure to meet these requirements, as highlighted in cases like Islam v ASIC, can expose auditors and their firms to regulatory penalties and reputational damage. 

Challenges with traditional audit workflows 

Many firms still rely on manual processes, spreadsheets, paper-based records, or fragmented systems, which can lead to inefficiencies, human error, and frustration. These legacy approaches often create bottlenecks, especially when audit teams must juggle multiple clients, document reviews, and compliance checks. 

Katrina noticed these challenges early in her career and aimed to find a solution that would: 

• Reduce manual data entry and duplication 

• Improve collaboration between clients, advisors, and auditors 

• Provide secure, centralized access to supporting documents 

• Create automated, tailored checklists that ensure nothing is missed 

• Offer reliable audit evidence storage that supports compliance 

Choosing MyWorkpapers for future-ready SMSF audit compliance 

Elite Super made the transition to MyWorkpapers’ SMSF accounting software to overcome these obstacles. Katrina praises MyWorkpapers for its comprehensive and flexible platform that fits the specific needs of SMSF auditors. 

“If anyone’s considering switching from paper-based or legacy systems to something new, MyWorkpapers should absolutely be on your radar. It covers you for compliance better than anything else I’ve seen,” Katrina shares. 

Key features that transformed Elite Super’s audits include: 

• Customisable workpapers and templates: Allowing Elite Super to tailor workflows specifically to their audit processes. 

• Automated checklist and task management: Reducing risk of missed items or errors. 

• Integrated document management: Supporting direct uploads and linking documents to workpapers for fast review. 

• Audit trail and compliance logging: Automatically tracking approvals, changes, and reviewer notes to meet ASQM 1 and ASIC standards. 

• Rolling forward records: Efficiently carrying forward permanent files year on year, saving time and maintaining completeness. 

Ensuring robust compliance: lessons from Islam v ASIC 

The high-profile case Islam v ASIC underscored the dangers firms face when documentation is incomplete or poorly managed. Regulators expect auditors to maintain complete, reliable records to justify conclusions and decisions in audits. 

With MyWorkpapers, Katrina has confidence her firm meets these demands consistently. The platform enables secure storage of evidence and detailed note-keeping, ensuring a clear compliance trail is readily available for review or regulatory scrutiny. 

“It’s not enough to rely on generic software,” Katrina explains, “your audit tool must work for you, not against you.” 

Unlocking efficiency and client confidence 

The benefits of adopting MyWorkpapers reach beyond compliance. Automating manual processes and enhancing collaboration have allowed Elite Super to: 

• Cut audit preparation time significantly 

• Focus more on client relationships and value-added services 

• Minimise human error and rework 

• Maintain peace of mind knowing audits meet all regulatory requirements 

The result is a smoother, more predictable audit process – one that satisfies clients and supports Elite Super’s reputation as a compliance leader. 

Why your firm should consider MyWorkpapers 

If your current SMSF audit process is relying heavily on manual checks, spreadsheets, or disconnected systems, it’s time to explore a smarter way. 

MyWorkpapers offers: 

• A robust SMSF-specific audit platform designed to enhance compliance 

• Workflow automation that saves time and reduces errors 

• Full integration with client accounting systems for seamless data flow 

• Tailored checklists and document management to meet evolving standards

Discover more about the platform’s capabilities on our SMSF product page . 

Ready to elevate your SMSF audit compliance? 

Experience firsthand how MyWorkpapers can transform your SMSF audit workflow, improve compliance, and free your team to focus on higher-value tasks. 

Ready to transform the way your firm works?
Discover how MyWorkpapers can help you boost efficiency, strengthen compliance, and reclaim time for higher-value work. Whether you’re looking to automate manual tasks, enhance collaboration, or get more out of your data, our team is here to help you every step of the way. 

👉 Speak to our team today 

Book a personalised demo today or speak with one of our SMSF audit experts to learn how MyWorkpapers can meet your firm’s unique needs.