Audit & assurance
SMSF audits
Independent financial and compliance audits of self-managed super funds under the SIS Act.
Every self-managed superannuation fund must be audited each year by an ASIC-approved SMSF auditor before its annual return is lodged. The audit has two halves: a financial audit of the fund's accounts, and a compliance audit against the Superannuation Industry (Supervision) Act 1993 and Regulations. We act for accountants, administrators and trustees who want the audit done properly and returned quickly.
What the engagement covers
Financial audit
We verify the fund's assets, income and member balances against source documentation — bank statements, investment reports, contract notes, title searches and valuations — and confirm the financial report is fairly presented.
Compliance audit
We test the fund against the SIS Act and Regulations: the sole purpose test, in-house asset rules, related party acquisitions, arm's length dealings, loans and financial assistance to members, benefit payment and pension standards, contribution acceptance, and market valuation of assets.
Contraventions handled sensibly
Where a reportable contravention exists we discuss it with you before anything is lodged, and lodge the Auditor/Actuary Contravention Report with the ATO within the required 28 days. Where a matter is rectified or below the reporting tests, we say so and document why.
Clean, defensible workpapers
Every fund is documented to a standard that stands up to an ASIC or ATO review of the auditor — which is what protects your practice as well as ours.
Who this is for
Typical clients: SMSF Audit
- Accounting firms outsourcing their SMSF audit function to an independent auditor
- SMSF administrators needing consistent turnaround across a portfolio of funds
- Trustees who administer their own fund and need an independent auditor
- Funds with a contravention history that need an auditor who will engage with the issue rather than just report it
SMSF Audit — common questions
Can our own accountant audit our SMSF?
No. The auditor must be independent of the fund. An accountant who prepares the fund's financial statements cannot also audit them, and an auditor cannot audit a fund in which they, a relative or their firm has an interest. That independence requirement is why most accounting firms refer their SMSF audits out.
How quickly can you turn an audit around?
For a complete file, most funds are returned inside a week. The statutory outer limit is 28 days from receiving all relevant documentation, but that is a ceiling, not a target.
What happens if the fund has a contravention?
Not every breach is reportable — the ATO applies specific tests based on the fund's age, size and the nature and value of the contravention. Where a matter is reportable we tell you first, give you the chance to rectify where rectification is possible, and then lodge the Auditor/Actuary Contravention Report. Where it is not reportable, we still raise it in a management letter so it does not recur.
What documents do you need to start?
Signed financial statements and member statements, the trust deed and any amendments, trustee minutes, bank statements, investment and share registry reports, property title and valuation evidence, contribution and pension documentation, and the prior year audit report and signed permanent file items.
Do you audit funds with property, LRBAs or crypto?
Yes. Limited recourse borrowing arrangements, related party property, unlisted trusts and digital assets all require extra evidence — particularly around ownership, valuation and arm's length terms — and we will tell you up front what we need.
Also from our audit practice
Other audit services
External / Statutory Audit
Independent financial statement audits for companies, not-for-profits, charities and grant recipients.
Solicitors' Trust Account Audit
External examinations of law practice trust records under the Legal Profession Uniform Law, lodged with the Law Society of NSW.
Real Estate Trust Account Audit
Trust account audits for real estate agents, property and strata managers and conveyancers, lodged with NSW Fair Trading.
Need a quote or a second opinion?
Tell us the entity, the deadline and the type of audit. You will have a fixed-fee proposal back quickly — usually the same day.