All About SMSF Audits provides professional Smsf auditor services for accounting practices and SMSF trustees across Australia. The firm is an independent Chartered Accounting SMSF audit practice with ASIC-registered SMSF auditing experience and uses cloud-based systems to service clients nationwide.
What Does an SMSF Auditor Do?
An SMSF auditor performs an independent annual audit of a self-managed super fund. The audit covers both the fund’s financial statements and its compliance with superannuation legislation and associated requirements. The auditor then provides the required independent auditor’s report to the trustees.
SMSFs must have an approved auditor complete their audit before the fund’s annual return can be lodged. The auditor must be registered with ASIC and have a valid SMSF auditor number.
Why Auditor Independence Matters
Independence is an important requirement when choosing an SMSF auditor. An auditor should not audit a fund where they hold a financial interest or have certain close personal or business relationships with the members or trustees.
Using an independent audit specialist can help accounting practices maintain appropriate separation between accounting and audit functions. All About SMSF Audits provides independent SMSF auditing services for Australian accounting practices.
Online SMSF Audit Services
A cloud-based audit process can make it easier for accounting professionals to submit documentation and manage SMSF audits remotely. All About SMSF Audits operates through a cloud-based system and services clients across Australia, regardless of their location.
The firm works with accounting professionals, junior staff and SMSF members, and can act as a dedicated audit team or provide additional support to an existing SMSF audit workflow.
Financial and Compliance Audits
An SMSF audit includes both financial and compliance components. The auditor examines the fund’s financial information and assesses whether the fund has complied with applicable superannuation requirements.
The ATO also requires trustees to provide the auditor with relevant documentation about the fund’s accounts and transactions. If further information is requested in writing, trustees or their professional adviser generally need to provide it within 14 days.
Efficient Audit Workflows
For accounting firms managing multiple SMSFs, having an organised audit process can help with annual compliance deadlines. All About SMSF Audits states that its average audit turnaround is three business days and that it works with accounting practices ranging from boutique firms to larger practices managing substantial SMSF portfolios.
The actual timing of an audit can depend on the quality and completeness of the information provided and whether additional documentation is required.
Choosing an SMSF Auditor
When selecting an auditor, SMSF trustees and accounting professionals should check that the auditor is appropriately registered with ASIC and can meet the independence requirements. The ATO recommends appointing an approved SMSF auditor no later than 45 days before the annual return is due.
It is also useful to consider the auditor’s experience, communication process, document requirements, turnaround expectations and approach to identifying compliance issues.
Work With All About SMSF Audits
All About SMSF Audits provides independent SMSF audit services across Australia through a cloud-based platform. Its team works with accounting practices and SMSF members and offers audit support for funds of different sizes.
If you need an Smsf auditor in Australia, contact All About SMSF Audits to discuss your SMSF audit requirements and the documentation needed to get started.
