As part of maintaining your self-managed superannuation fund, it’s important to work with a qualified SMSF auditor. A skilled and professional SMSF auditor’s job is to ensure that your self-managed superannuation fund complies with legal requirements and that all financial records are accurate.

The Importance of an SMSF Auditor

Under Australian law, any person who runs a self-managed superannuation fund must seek a professional SMSF audit at the end of each financial year. 

The operation of a self-managed superannuation fund is subject to a set of strict legislative guidelines and regulations. All SMSF audits must comply with the Australian Auditing Standards, the Superannuation (Industry) Supervision Act 1993 (SIS Act), and the Superannuation Industry (Supervision) Regulations Act 1994 (SISR Act).

By working with a professional SMSF auditor to audit your superannuation fund, you can rest assured that your records will be checked, balanced, and legally compliant before they head to the Australian Taxation Office (ATO).

This is why the role of an SMSF auditor is so important. It’s up to your SMSF auditor to conduct a specialised review of your super fund, making sure that all your records adhere to the law and represent your financial position with accuracy and validity. 

What an SMSF Auditor Actually Does

Your SMSF audit should include two key elements: a financial audit and a compliance audit. The audit will require your submission of a list of documents to the SMSF auditor.

Financial Audit

When conducting your fund’s financial audit, your SMSF auditor will examine your superannuation fund’s financial records, ensuring that they are in line with relevant accounting policies and legalities.

Compliance Audit

When performing your compliance audit, your SMSF auditor’s role is to use the information you provide about your self-managed superannuation fund to evaluate whether your fund is compliant with the requirements set by the SISA and the SISR and to check for proper execution of your current trust deed.

What To Expect During and After Your SMSF Audit

Your auditor will check whether your fund is a regulated fund, if it qualifies as a legally sound self-managed superannuation fund, and if it is maintained with the purpose of providing retirement benefits. Your auditor will ensure compliance with your investment strategies and adherence to administrative responsibilities, as well as whether you are meeting contribution and benefit payment standards.  

Once your SMSF audit is complete, your auditor will produce a management letter to all trustees of your SMSF. This letter will include details of any non-compliance issues, offer recommendations for trustee action, and outline internal weaknesses that could benefit from improvement. 

In addition to this, if in the case of any non-compliance issues that have been identified during your SMSF audit, as a legal obligation, your auditor will provide a written report to the ATO, outlining details of the breach and/or breaches. 

How to Spot a Good SMSF Auditor

Not just anyone can conduct an SMSF audit. Your SMSF audit must be registered with the Australian Securities and Investment Commission (ASIC) in order to meet compliance standards. 

When choosing your SMSF auditor, ensure that your auditor is professionally qualified and registered with ASIC. Check if your auditor uses a secure electronic data transfer provider to protect your information, and be sure that your auditor is independent from your fund, not holding any personal, professional, or financial interest within it. If you’re looking for high-quality independent SMSF auditing, the auditors at Mint Super Audits are Accredited SMSF Association Specialists with many years of experience. Contact our team to find out more about our timely, affordable, and highly professional SMSF auditing services.