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The independent auditing of Self-managed Superannuation Funds is a compulsory requirement that verifies that Funds are complying with the necessary legislation and qualify for the concessions that a Fund is entitled to.

Australian SMSF Audits undertakes the auditing of SMSFs on behalf of accountants that have prepared financial reports & income tax returns for funds and for the trustees of funds who have undertaken the preparation of the reports and returns themselves.

Registered SMSF Auditors and accountants who are members of the 3 main professional bodies in Australia (Institute of Public Accountants, CPA Australia and the Institute of Chartered Accountants) must comply with APES 110 (issued by the Accounting Professional & Ethical Standards Board) and Guidance Statement GS009 (issued by the Auditing and Assurance Standards Board).  APES 110 states that an Auditor must be independent from the subject matter being reviewed.  This excludes accountants who are involved with the preparation of financial accounts and Annual returns for SMSFs undertaking the audit of those funds.  Australian SMSF Audits complies with these independence requirements.

The Australian Taxation Office (ATO) has indicated that they closely review auditors that offer low-cost audits. The ATO has indicated audits below $400 are considered low-cost.  Such audits generally do not indicate they have been done thoroughly. They often fail in areas such as requiring representation letters from trustees and/or maintaining adequate audit work papers.  While our costs are kept as low as is practicable, we ensure that our audits do comply with all guidelines set by all government and professional bodies.

Australian SMSF Audits does not prepare financial reports or Annual (Income Tax) returns for Self-managed Superannuation Funds.  Where a Trustee has manually prepared the fund's Annual return, as a registered tax agent, we can lodge that return electronically on behalf of the trustee in accordance with ATO guidelines.

We have prepared some checklists to assist trustees and accountants.  Click on the links below to access PDF copies:

Audit Checklist - A summary of documents we may require to undertake the audit of a superannuation fund.

Trustee Record-keeping - A guide to assist trustee to retain records.

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