When you run a self managed super fund, you’re bound by certain rules and regulations that must be adhered to in order for your SMSF to remain compliant. One of those rules is that your fund must be audited at least once a year by an approved and accredited auditor. When the time comes for a comprehensive SMSF audit, call the specialists at Gavin Ma & Co. Our professional approach to SMSF auditing means that your fund will tick all the necessary boxes and will continue to work its very best for your financial future. Discover what we can do for you.
An SMSF audit covers two main areas: the financial audit and the compliance audit.
The financial audit must be done in line with the Auditing and Assurance Standards Board (AUASB) Australian Auditing Standards. During the financial part of the SMSF evaluation, the auditor will express an opinion on or make a recommendation about the financial reporting based on what they have found. The auditor will draft an SMSF audit plan which will determine their approach to the process. Once ready, they will carry out comprehensive testing on the statements provided in the financial reports. These tests cover areas such as:
The compliance part of an SMSF audit ensures that the trustees of the fund have operated the self managed super fund according to the strict rules of the fund as well as according to stringent legislations around superannuation set by the Australian Government. Like the financial audit section, the compliance audit must be completed in accordance with the Auditing and Assurance Standards Board (AUASB), but in this instance with their Standards on Assurance Engagements.
Upon completion of the evaluation, the auditor must decide whether they believe the SMSF to be compliant with the required standards, or non-compliant. They as auditor must be satisfied that the SMSF trustees have met the fund rules and requirements.
An SMSF audit on compliance will determine whether the fund meets the minimum requirements of compliance, those being:
Further points of compliance that will be assessed in an SMSF audit can be found on the ATO website.