Queensland-based software company Auditflow Publishing has struck a deal with Class Super to integrate a new “add-on application” for auditing of SMSFs, which may have a significant impact on SMSF businesses.

Auditflow chief executive Richard Neal said the new add-on will “drive change in the SMSF industry by making it faster and easier for administrators and auditors to work together”.

“We’re delighted to deliver a solution that enables everyone connected to SMSF management to collaborate and work seamlessly,” Mr Neal said.

“In an industry that now has over 530,000 active SMSFs and continues to experience healthy year-on-year growth, it’s a significant opportunity for administrators and auditors to enhance their services.”

Class Super chief executive Kevin Bungard added the tie-up would foster “better collaboration between administrators and auditors” as well as streamlining a number of functions, including automatically populating “audit files for individual SMSFs, including trial balance and audit lead sheets, removing the need for manual input and improving audit efficiency”.