SMSF Audits

Every SMSF audit deserves careful professional attention, whether the fund holds straightforward investments or more complex arrangements. Optimum Auditing Services works with trustees, accountants and administrators to deliver independent audits supported by clear evidence and practical communication.

Our focus is on understanding the fund, identifying matters that require closer examination and issuing clear queries that explain what is needed to progress the audit.

Financial and compliance audit work

An SMSF audit includes examination of the fund’s financial reporting and compliance with the provisions covered by the approved auditor’s report. These are distinct responsibilities, and each requires appropriate evidence. We consider the fund’s circumstances when planning the financial and compliance procedures.

Areas that may require closer attention

• Existence, ownership and valuation of investments.
• Contributions, rollovers and member account movements.
• Pension payments, benefit payments and supporting documentation.
• Related party transactions, loans and in-house asset matters.
• Property ownership, leases, rental receipts and borrowing arrangements.
• Investment strategy documentation, cash records and fund expenses.

Not every fund presents the same risks. Property, unlisted investments, borrowing arrangements and unusual member transactions can require additional supporting documents and more detailed examination.

Working efficiently with your accountant

We provide an initial information request and communicate audit queries through an agreed contact. With the trustees’ authority, we work directly with the accountant or administrator to clarify records and resolve questions. This helps maintain an organised workflow without compromising the independence of the audit.

We explain significant findings and identify outstanding evidence. Completion depends on receiving adequate records and resolving material questions; an agreed timetable is always considered alongside those requirements.

Documents to prepare

Typical records include the financial statements and annual return working papers, trust deed and amendments, bank and investment statements, asset valuations, contribution and pension records, member documentation and relevant agreements. A first-year audit may also require prior-year reports and opening balance evidence.

Clear reporting of audit outcomes

We issue the independent auditor’s report and communicate matters requiring trustee attention. Where a contravention meets the applicable reporting criteria, reporting to the ATO may also be required. Corrective action is considered as part of the circumstances; it does not automatically remove a reporting obligation.

Trustees remain responsible for the operation of the fund and the accuracy of its records. We maintain the independence required to reach our own conclusions on the evidence obtained.

Regulatory reference: ATO guidance on auditing an SMSF.