APPOINTING AN SMSF AUDITOR
23 December 2021
An approved self-managed super fund (SMSF) auditor must be assigned to audit your fund every year. Time-wise, an audit has to happen at least 45 days before the lodgment due date of your SMSF annual return (SAR).
Approved SMSF auditors are in high demand and can be very busy, so don’t leave this to the last minute and get caught out. The recommendation is to start this process sooner rather than later.
What does an SMSF auditor do?
An SMSF auditor carefully and independently examines your fund's financial statements and accounts, to assess your fund's compliance with Australian super law.
Who can audit your SMSF?
Not just anyone can be an SMSF auditor. They must be both approved and independent. You can use the services of an approved auditor that is located in a different state or territory from you.
Key criteria for selecting an approved SMSF auditor
REGISTERED - They must be registered with the Australian Securities and Investments Commission (ASIC). Ask for their SMSF auditor number (SAN).
INDEPENDENT - They must be independent. This means they won’t have any financial interest or have a close personal or business relationship with members or trustees. Not a part of the firm that provides the SMSF with other services including certain accounting services, tax, super or financial planning advice.
Don’t get penalised
You will require the correct SMSF auditor details along with some information from the SMSF audit report in order to complete your SMSF annual return (SAR). So your SMSF audit must be finalised prior to your SAR submission. Failure to do this may incur penalties.
Finding an approved auditor
Superannuation Audit Services is a registered and approved SMSF auditor. Superannuation Audit Services are also completely independent, offering no other financial services other than SMSF audits.
You can also find a list of approved SMSF auditors on the ASIC website.
Book a free consultation
Click here to book a free no-obligation 30-minute consultation with the team at Superannuation Audit Services.