Audit Toolkit – Steps for Audit

If you prepare your own SMSF accounts and tax return, you will still need an independent audit, which we would be happy to arrange for you. You may be interested to know that apart from arranging audits for our SMSFs and private clients, we also provide the service for accounting and financial planning firms.

The audit toolkit (below) lists the 10 simple steps you should follow to complete the audit process for your Fund with Superannuation Warehouse.

Audit Toolkit

Step 1  Get a Free Instant Audit Quote from us to see if our service price is right for you.

Step 2 If you’re satisfied with our quote, please click the Request Audit button on our Free Instant Audit Quote page and send us a signed Engagement Letter and Trustee Representation Letter.

Step 3 After we receive your audit request, we will send you a Dropbox Invitation to upload all the relevant audit files for your SMSF. Click here for Audit Folder Sample Format.

Step 4  Complete and sign off the Audit Checklist and send it to us via E-mail or upload it to the secure internet access folder (Drop-box) with all other supporting documentation as listed in the Audit Checklist. The main components are a permanent files section (Trust DeedMinutes of MeetingsInvestment StrategyTrustee Declaration) and your previous year’s accounting and tax records (Financial Statements with notes, Tax Return, Audit Report).

Step 5 Upon receipt of all your SMSF’s audit supporting documentation, our auditors will start the audit process for your Fund.

Step 6 You will be contacted directly by us with audit clearance or audit comments if there are any queries or discrepancies for your Fund. Any further information we may require from you to complete the audit process will be stated as points in the Management Letter we send you. If you don’t receive any Audit Comments from us, please go straight to Step 8. Click here for Sample Audit Management Letter.

Step 7 Please attend to all the points stated in the Management Letter and send any further information we may required.

Step 8 Confirm that the Audit Fee for your Fund has been paid.

Step 9 An Audit Report will be sent to you via both email and regular mail. For SMSF’s with Audit Comments, an Audit Result will only be sent out after all the points stated in the Management Letter have been addressed correctly.

Step 10 You can now lodge your SMSF Tax Return with the ATO.

To download copies of the Audit Program Engagement Letter and the Trustee Representation Letter, see the downloads page.

If you are still unsure about the audit process, please feel free to Contact Us.

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