Combining the Best of Two Sides
Subscribing to SMFs audits is becoming more popular these days, due to the many benefits that they offer. SMFAs (Social Media Fundamentals) are a set of guidelines created by the Australian Securities and Investments Commission to help the superannuation industry in Australia better understand the social media landscape and to assist funders (like you!) in providing their clients with the information that they need to make an informed decision on their investments. SMFAs audits, on the other hand, are designed to ensure that your SMFAs are maintained appropriately and that any information provided by your SMFAs is accurate, up-to-date, and that the information you’ve provided is as consistent and reliable as it can be.
SMFAs audits usually involve two kinds of audits – one conducted by an independent consultant and one conducted by a SMFAs audit company or individual. Independent SMFAs audit typically involves an evaluation of the company’s IT systems, as well as its customer service and relationship management systems. On the other hand, SMFA’s audit companies will conduct a more in-depth investigation of a company’s SMFAs. Both types of audits generally come with a fee structure. Generally, the larger the company, the more expensive the SMFA’s audit will be. However, this fee structure isn’t set in stone – it’s entirely up to you.
Overall, SMFAs audits are more geared towards helping funders (like you! ), and are conducted in order to ensure compliance with both anti-money laundering regulations. SMFAs are very important to the Australian superannuation and investment industry and having a good SMFA’s audit performed is critical to maintaining compliance and trustworthiness with your clients and peers. The combined experience of an independent SMFA’s audit manager and a SMFA’s audit company can give you a much deeper look at your company than any one individual can provide, which can lead to increased understanding and a more reliable strategy for ensuring your compliance with the various laws that protect you and your investments. With the combined knowledge and data obtained from both audits, you can take the necessary steps to ensure that you and your business remain a trusted name in the investment world.