When engaging an auditor to audit your Fund, you would need to read the Audit Engagement Letter which clarifies the auditor’s roles and responsibilities under the Superannuation Industry (Supervision) Act 1993 (the SIS Act) and Regulations.
The Audit Engagement Letter, signed by both the auditor and Trustees, will avoid any misunderstanding as to the nature and the extent of the audit. It should confirm the auditor’s acceptance of the appointment and clearly document the scope of the audit.
During the audit, you will also be asked to sign a Trustee Representation Letter. Once the audit process has been finalised , the auditor will issue you with an audit report. Keep this report on your records. Remember, the audit report is not sent to the ATO with your SMSF tax return.
Engage Us for SMSF Audit
Please find below the links to download the Engagement Letter and Trustee Representation Letter. We kindly request that you complete the necessary information and sign both documents.
In order to facilitate the audit process, we kindly ask you to adhere to the Audit checklists below to prepare the audit files. Following these checklists will ensure that all relevant documents and information are included in the submission to us
Audit Document Checklist
When we conduct an SMSF Audit, it consists of two parts:
- The Financial Report Audit
- The Compliance Report Audit
The main components of the Audit file required for a Financial Report Audit are:
- Signed Audit Engagement Letter by the Trustees
- Signed Trustee Representation Letter
- Financial Report – includes a Balance Sheet, Income Statement and Member Statements
- Completed Annual Tax Return
- Supporting documents for all items in the Financial Reports
The main components of the Audit file required for a Compliance Audit Report are:
- Permanent files for the SMSF
For our sample Trust Deed, please see here
For our sample Minutes, please see here
For our sample Investment Strategy, please see here
For our sample Trustee Consent and Member Application, please see here
For our sample Trustee Declaration from the ATO, please see here
- To download our Permanent files templates, please see here.
- Copy of signed Pension documentation, if the Fund is in pension mode
- Actuarial Certificate, if applicable
- Life insurance certificate for Members, if applicable
- ASIC Annual Return if the SMSF has a company acting as the Trustee of the Fund
The sources of information used to prepare the Financial Statements are noted below:
To learn more about our audit process and to obtain an online SMSF audit quote, please follow this link.
FAQs (click on the question to reveal the answer)
- A: The Trustee must appoint an approved SMSF auditor to audit the SMSF, no later than 45 days before lodging the SMSF annual return.
