ASF Audits
Independent SMSF audit, delivered on purpose-built technology
At a glance
The business
ASF Audits is Australia’s largest independent auditor of self-managed superannuation funds, auditing more than 59,000 funds a year for over 200 accounting and administration firms. Founded in Adelaide in 1994, it audits only, and never competes for its clients’ clients.
Why Fortitude partnered.
The same frame guides every investment: good people, building a good business, in a good market. For ASF Audits, that means:
01 Good people
An existing management team that has delivered exceptional outcomes for customers, supplemented with additional senior talent covering finance, customer acquisition, mergers and acquisitions and technology.
02 Good business
Nine-time SMSF Auditor of the Year winner. Audit revenue that recurs by statute, and systems and processes that deliver strong assurance in an efficient manner.
03 Good markets
SMSF fund growth, with more than 670,000 funds managing over a trillion dollars in assets, and a consolidation trend among auditors and administrators.
How we work together.
We acquired a majority stake, providing an exit for the founder after thirty-one years, and backed a management team that had already absorbed Deloitte’s Australian SMSF audit business. Fortitude has brought capital and M&A experience to consolidate a fragmenting market.
Capital
Funding to buy out the founder’s stake, to fund acquisitions in a consolidating market and to invest in technology.
Strategy focus
Technology investment, M&A experience and capital to consolidate specialist SMSF audit practices as accounting firms exit the category.
People and governance
Investment in talent across finance, M&A, customer acquisition and technology, together with a Board refresh to provide strong strategic focus and insight.
Could this be your next chapter?
If you are a founder weighing up a partner, see what the journey looks like, or start a conversation, in confidence and with no obligation.