Independent SMSF Audit Service
Our Audit requirements Guide (Click blue writting link) provides you with a basic checklist of information to send to us. We will then attend the SMSF Audit with a turnaround time within a week or two. The SMSF information can either be sent to us via mail or uploaded electronically via our secure login. Our fees are based on the investment types held by the fund and the quality of the information supplied to us. As a guide, most funds falling into a fee range of $450 to $800. We are happy to discuss our fee prior to our Audit Engagement and negotiate a fixed fee arrangement for multiple funds. Independence Public practitioners who are auditing SMSFs must meet the following professional standards requirements:
What information do we require?
Various Audit Documents that may be required can be found on the Resources Page
What are our Fees?
Why outsource your audit?
Auditor Independence has been a hot topic for a number of years now. In the recent cooper review panel the panel recommended the legislating full audit independence whereby an individual or firm providing any service in connection with a SMSF or its individual trustees or trustee directors in any capacity is to be expressly prohibited from auditing that SMSF.
Maintaining Standards
Another recommendation from the Cooper Review panel was that approved auditors be registered.
Approved SMSF Auditors are currently required by their professional bodies to comply with minimum professional and ethical standards. CPA Australia, the Institute of Chartered Accountants in Australia and the National Institute of Accountants have developed a set of competency requirements for auditors of self-managed superannuation funds (SMSFs).
- hold a practicing certificate issued by the professional accounting body of which they are a member (CPA Australia, the Institute of Chartered Accountants in Australia or the National Institute of Accountants)
- have continuing professional indemnity cover
- undertake continuing professional development
- ensure that those who undertake work on their behalf have appropriate knowledge and experience, and are properly supervised in the conduct of the audit
- Further information
Will we contact your clients?
All correspondence during the course of the SMSF audit will be via your office. Our Audit engagement and responsibilities are always with the trustees of the funds; however we understand the client/agent arrangement and provide a written engagement letter with the accounting detailing our role, responsibilities and guarantee your client details.
