Audit Stages in SMSF Sorted Lite

Audit Stages in SMSF Sorted Lite

Introduction

In SMSF Sorted Lite, the audit process goes through several stages, each indicating the progress of the audit. Here are the five audit stages:

Stages

  1. Submitted: This is the initial stage when the fund has been submitted to the auditor. At this stage, the fund is under review by the auditor.
  2. On Hold: The On Hold stage occurs when the auditor has temporarily paused the audit process. This can happen for various reasons, such as queries that need clarification or missing documents.
  3. Audit In Progress: When the audit is actively being worked on by the auditors, it is in the Audit In Progress stage. This is where the audit tasks are being performed.
  4. Finalized: The Finalized stage indicates that the audit has been completed in terms of auditing tasks, but it is yet to be fully closed or signed off. Some final steps may be pending.
  5. Completed: Completed is the stage when the audit has been successfully finished. All audit tasks are completed, and the audit is ready to be closed.
These stages help in tracking the progress of the audit and ensure that all necessary steps are taken to complete it successfully.


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