Reasonable Assurance Engagement (Audit)
Reserve Vault has partnered with integrated Audit Service to provide our customers with a cost effective and independent reasonable assurance report and a certification of holdings of your precious metal bullion, whether it be for your Self-Managed Super Fund compliance, corporate governance or your own peace of mind.
integrated Audit Service offer a unique and independent approach to audit and assurance services. With an emphasis on professionalism and attention to detail, integrated Audit Service provide a practical approach to the independent audit process, with a dedicated focus on achieving outcomes that meet both the customer and statutory requirements.
Like our insurance, our ability to group buy and implement these services means we can offer a highly competitive rate for your independent audit needs.
Please contact us for pricing.
How it works
We will have allocated independent audit times available for you to attend and open your safe for the audit. Because of the high number of clients using this service and our need to still service regular vault visits we will need to strictly apply your allotted time. There will be morning and afternoon time slots available.
For audits requested outside those times, the above surcharge will apply.
You will simply allow the auditor to identify and count your holdings and then re lock your safe unit. They will then send you your certificate soon afterwards. No waiting around, no paying for their travel, independent and quick!
Simply ring us on 07 3221 6128 to make your appointment.
What you get
Both electronic and paper copies of a signed audit certificate in a form acceptable to a diligent SMSF administrator or auditor or tax auditor will be provided upon payment. Each certificate will list an inventory of your goods and a total value based on the 9am spot price at 30 June of the previous financial year or on the day if you so request.
SMSF rules (SIS Regulations) apply to collectibles such as art and jewellery. They also deem bullion coins in your SMSF to be ‘collectibles’ (and therefore subject to SIS Regulation 13.18AA) which relevantly requires them to be:
- Independently stored in a secure storage facility;
- Insured in the superannuation fund’s name; and
- For accounting and independent audit purposes, the trustees must be prepared to have the asset valued regularly.
For assets bought before 1 July 2011 you had until 1 July 2016 to comply with these rules. We are not tax advisors nor accountants so you should check with your own SMSF administrator or accountant. We are finding increasingly many SMSF administrators and advisors also believe precious metals bullion in bar form requires an annual audit to meet the Trustees obligations. Again you should check with yours.
For us to be able to offer this competitive rate it relies on compliance with the following:
- Allocated time slots must be strictly adhered to. Late arrivals will need to be rebooked for another date.
- You must be prepared to open all non-transparent packaging of goods to allow the auditor to suitably identify the product
- The booking system relies on a quick removal and replacement of goods in your safe. It does not allow for reorganisation or extensive unpacking of goods. Should you know in advance many of your goods are packed non-transparently you should attend to them before the audit to prepare them accordingly.
- The auditor will take weights and purity of bullion at face value.
- If you have personal and SMSF holdings in the same safe, you will need to declare which goods belong to each entity.
Strictly by Appointment Only
Book a confidential and secure tour of our facility – Visitation to the Reserve Vault is strictly by appointment with photographic ID. Appointments can be made through our contact page.