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What is Audit Shield?
Audit Shield is renowned in the accountancy industry for providing comprehensive protection to accountants and their clients. In fact, Audit Shield currently pays more than $1 million per month in claims to cover the professional fees associated with audit activity. This is evidence that audit activity is prevalent and Audit Shield is an effective mechanism in alleviating the financial effects.
The tax audit insurance offering covers the professional fees that help you, as an accountant, assist your client to respond to an official audit, inquiry, investigation, review or examination of returns lodged with the Australian Taxation Office (ATO) or other federal, state or territory government revenue authority. Thousands of accounting firms across Australia, New Zealand and Canada trust Audit Shield, and are receiving the benefits of extending the offer to their individual, business and SMSF clients.
Audit Shield provides comprehensive, cost effective protection against the substantial costs that may be incurred should the ATO or other government revenue authorities conduct an official audit, inquiry, investigation, review or examination.
Why Audit Shield?
Tax audit insurance is not all the same! Only Accountancy Insurance has the history and depth of knowledge to ensure Audit Shield has you covered when it matters.
Since 2003 we have continually engaged with our client firms to further refine the policy and ensure firms and their clients have absolute confidence in Audit Shield and what it will deliver.
Importantly, we have also developed a proven delivery method to ensure client take up is maximised without tying up the valuable resources of your firm. Accountancy Insurance has over a decade of experience, specialising in tax audit insurance.
For more information on Audit Shield’s Policy Cover, click here.
Adele Wardley
Director, A Squared Advisers, Toronto NSW
Clients like to know they won’t have surprise accountancy bills if they get an unexpected audit, especially those clients who know they are doing the right thing.
Ben Matthews
Partner, Grant Thornton, Sydney NSW
Clients do not fully appreciate the time it can take to deal with investigations, audits, enquiries or reviews. Audit Shield has a sufficiently wide scope, so clients are thankful that this type of protection is available.
Darryn Smith and Duncan McCrone
Directors, MGS Accounting, Temora NSW
Audit Shield has exceeded our expectations and everything Accountancy Insurance promised.
Scott Edden
Partner, Pitcher Partners, Newcastle NSW
We tried self-insuring just ‘the good clients’ for many years, however, since we have had Audit Shield we can cover significantly more clients, administration is simpler and we have acknowledged that Audit Shield provides much better value.
Our client service promise
Once you make the decision to become an Audit Shield client, a dedicated Account Manager will be assigned to you. The duty of an Account Manager is to ensure the implementation of Audit Shield is simple and effective, not just for the first year, but for as long as we enjoy your company as a client (and we’re very sure that will be for a long, long time!). They will provide hands-on assistance from start to finish and are available anytime you need assistance.
Our team will assist you every step of the way with the simple process!
Our Australia wide offices are also there to help, ensuring any and all queries are handled promptly and courteously. This includes training and support for your staff in the administration of the easy to use web based software platform.
We believe that a great product idea is only worth anything if it comes with a real person that can help you every step of the way, becoming a true partner to your business.
Benefits to your business
- Covers the professional fees normally charged to your client when you assist them to respond to eligible official enquiries, reviews investigations or audits, of lodged returns.
- Avoids disputes with your clients regarding fees incurred as a result of audit, and possible fee write offs as a result.
- Fees are paid promptly direct to you.
- No excess payment.
- A proactive, cost effective solution for your clients.
- Audits of previously lodged returns are also covered, including those you did not lodge or prepare*.
- No cost to you to offer the service to your clients.
- Indicates to your clients that you are proactive and are looking out for them.
* The audit must be instigated during the period of cover.
Claims activity in Australia
The Accountancy Insurance Claims Department continues to be busy processing claims from client accounting firms across Australia. The most common audit activity areas in the 2019-2020 financial year that have been noted were:
> BAS (Pre & Post Assessment)
> Employer Obligations (PAYG/SG/FBT)
> Income Tax (Full/General/Combined)
> Income Tax (Rental Property)
> Payroll Tax (All States)
For the latest tax audit claim stats that all accountants in Australia will want to know, click the button to read our detailed article.
Frequently Asked Questions
Want to know more, like:
- Will it cost me anything to implement Audit Shield in my firm?
- How do I make a claim?
- Will I be able to claim all my professional time
Find out the answers to these questions and more here:
Case Studies
Over the years the team at Accountancy Insurance have been privy to an array of situations that our Audit Shield clients have found themselves in – at no fault of their own.
Read a few real life case studies from what our clients have experienced with audit activity and how Audit Shield assisted them.