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Your SMSF must be audited by an auditor that is registered with the Australian Securities and Investments Commission (ASIC). The auditor also has to be independent from your fund, its members and also the accountant.That is why we use an independent auditors in Brisbane to audit all our funds, rather than doing it in-house.
The SMSF audit has 2 parts.
This is where the auditors check that the financial accounts of the SMSF are accurate, such as completeness of transactions, events and assets being recorded, the investments being held in the correct names and valued at the right amounts…
The SMSF auditors check how well your fund (or you as a trustee) has complied with relevant superannuation laws and report any breaches.
The superannuation laws are vast, but mainly they look for the following:
For peace of mind, contact our SMSF professionals to look after your SMSF.
Currently you need to have SMSF audit done every year, although there is a talk of extending this to every three years.
We package audit fees with our end of year administration fee and deal with the SMSF auditors directly so you don’t have to. On average, the audit component is $550 per annum, if there are breaches to be reported to the ATO then it is more.
If we look after your SMSF, we take care of the SMSF audit for you.
Otherwise you can search ASIC register for compliant auditors.
If you engaged an accountant to prepare your financials and returns, chances are there will be no additional documentation required, other than a signed engagement & representation letter, and sometimes statutory declarations if your SMSF holds collectibles or precious metals.
Your accountant would already have all the bank statements, dividend and trust distribution statements, invoices for any expenditure to prepare the financials.