What Does an SMSF Auditor Do?

The audit covers the fund’s financial statements and its compliance with super law. Trustees need an approved SMSF auditor each year, appointed no later than 45 days before the annual return is due. The audit must be completed before the return is lodged.

Ask the accountant or administrator how that sequence fits into your fund’s timetable. Confirm the actual return due date and work backwards with the professionals involved. Do not assume that sending a file close to the deadline gives the auditor enough time to resolve incomplete records or unanswered questions.

The auditor’s work is different from a service that helps prepare records. Ask who supplies the file, who answers preparation questions and which matters require trustees’ own explanations.

Ask for the proposed auditor’s name and SMSF auditor number, then check their registration through ASIC’s SMSF auditor register. If a business arranges the audit, confirm the individual responsible rather than assuming the business name is sufficient.

Independence requires more than calling the service an independent audit. Ask the auditor how they address any relationship with the people preparing the accounts or referring the work. The ATO’s auditor checklist identifies preparation and referral arrangements that can create independence issues; assessing those requirements belongs to the professionals involved.

A bundled quote can be convenient, but it should still identify the distinct roles and explain the fee arrangement. SMSFMatch’s audit category and claim status do not verify an auditor’s registration or independence.

Ask the auditor for the records needed for your fund and agree how they will be delivered securely. The request may involve financial statements, transaction evidence, ownership and valuation documents, and records of trustee decisions. Confirm the list with the auditor rather than treating a generic checklist as complete.

Nominate who follows up each missing item. If the accountant or administrator sends the file, ask how trustees will be told about a request that only they can answer. Keep a record of what was supplied and identify documents clearly so that revised versions are easy to distinguish.

A query may ask for evidence, an explanation or a correction. Read the request carefully and establish who can answer it. If the question concerns a figure prepared by the accountant, involve them; if it concerns a trustee decision, arrange a response from the trustees with the appropriate records.

If you do not understand the question, ask the auditor to explain what is needed. Avoid replacing an evidence request with an unsupported assurance. Where a document does not exist or cannot be retrieved, tell the auditor and discuss the next step rather than quietly leaving the request unanswered.

Ask how outstanding queries affect the expected completion date and fee. Keep communications together so each person can see which requests remain open and which responses have already been supplied.

When the report is available, ask the auditor to explain any qualification, concern or required follow-up. If an issue calls for tax, legal or financial advice, identify the professional who can assist under a separate scope. Completing the annual workflow is not a reason to ignore an unresolved matter.

Keep the final report with the fund’s records and confirm who handles any subsequent work. Trustees retain ultimate responsibility for the fund even when professionals prepare accounts, coordinate the file and perform the audit.