Perth SMSF Auditing FAQ
1. Where are the audits performed?
All our audits are conducted and completed solely in Australia with qualified auditors registered with ASIC. We do not engage with or work with any third parties and do not have any outsourcing partners.We provide you with an open channel of communication with us so we can discuss the possible breach and work with you to provide you with options available to your client for a resolution. At no point will we get in touch with your client, and we maintain confidentiality at all stages of the audit.
It is a legal requirement that auditors of SMSF are registered with ASIC under rigorous requirements set by the ATO. This registration with ASIC requires many hours of direct experience in SMSF matters and involves high public liability insurance and continuance professional development. To comply with APES 110 professional independence under the Code of Ethics for Professional Accountants it is important to engage with an independent auditor.
In most cases based on the complexity of the SMSF there is a fourteen day turn around but this could be earlier as well depending on all information required is submitted for audit on time. Please look through the checklist provided here to ensure all paperwork required for audit are included.
There are two separate elements in an SMSF audit. The Financial Report and the Compliance Report.
For the Financial Report audit you will need to provide us with:
– An Audit Engagement Letter signed by the Trustees
– A signed Trustee Representation Letter
– Prior year audited Financial Report the current Financial Report (including Balance Sheet, Income Statement and Member Statements)
– Prior year completed and signed Annual Tax Return and a completed Annual Tax Return for the current year
– Supporting documents for all items in the Financial Reports
– An Audit Engagement Letter signed by the Trustees
– A signed Trustee Representation Letter
– Prior year audited Financial Report the current Financial Report (including Balance Sheet, Income Statement and Member Statements)
– Prior year completed and signed Annual Tax Return and a completed Annual Tax Return for the current year
– Supporting documents for all items in the Financial Reports
For the Compliance Report audit, you will need to provide us with:
– Permanent files of the SMSF
– Copy of signed Trust Deed and or any amendments to the Trust Deed
– Copy of signed Minutes of Meetings
– Copy of signed Investment Strategy
– Copy of signed Consent to act as Trustee and Member Applications
– Copy of signed Trustee Declaration (applicable for SMSFs established after 1 Jul 2007)
– 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 Fund’s Trustee
– Permanent files of the SMSF
– Copy of signed Trust Deed and or any amendments to the Trust Deed
– Copy of signed Minutes of Meetings
– Copy of signed Investment Strategy
– Copy of signed Consent to act as Trustee and Member Applications
– Copy of signed Trustee Declaration (applicable for SMSFs established after 1 Jul 2007)
– 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 Fund’s Trustee
6. What do I get after the completion of an audit?
You will be provided with the signed independent Auditor Report as per the approved ATO format.