#What to expect during an SMSF audit

Self-managed superannuation funds (SMSFs) are a popular choice for Australians who want to have more control over their retirement savings. However, SMSF trustees have a number of legal obligations, including having their SMSF audited annually by a registered SMSF auditor.

An SMSF audit is an independent review of an SMSF’s financial records and compliance with superannuation laws and regulations. The auditor will review the SMSF’s financial statements, investment transactions, and other documentation to ensure that the SMSF is complying with all relevant laws and regulations.

Here is a step-by-step guide of what to expect during an SMSF audit:

The auditor will contact you to schedule an appointment. The auditor may also request some documentation in advance, such as bank statements, investment statements, and tax returns.
On the day of the audit, the auditor will meet with you to discuss your SMSF’s operations. The auditor will also review your SMSF’s financial statements and investment transactions.
The auditor may ask you questions about your SMSF’s operations. This could include questions about your investment strategy, your risk management procedures, and your compliance with superannuation laws and regulations.
The auditor will prepare an audit report. This report will outline the auditor’s findings and recommendations.
The auditor will discuss the audit report with you. The auditor will answer any questions you have and provide you with guidance on how to address any findings or recommendations.

How to prepare for an SMSF audit

There are a number of things that SMSF trustees can do to prepare for their SMSF audit:

Gather all of the required documentation. The auditor will need to review a variety of documentation, such as bank statements, investment statements, and tax returns. Gather all of your documentation in advance so that the auditor can easily review it.
Understand the audit process. The auditor will review your SMSF’s financial statements and compliance with relevant laws and regulations. The auditor may also ask you questions about your SMSF’s operations. Be prepared to answer these questions honestly and accurately.
Be cooperative and responsive. The auditor will need your cooperation in order to complete the audit efficiently. Be sure to respond to the auditor’s requests promptly and provide them with all of the required documentation.

RL SMSF AUDITS is a team of experienced and qualified SMSF auditors who can provide you with a seamless and hassle-free audit experience. We offer a wide range of services, including financial audits, compliance audits, and self-assessment audits. We are also happy to provide advice on all aspects of SMSF compliance.

If you are looking for a reliable and experienced SMSF auditor, please contact RL SMSF AUDITS today for a free consultation.

We can help you to prepare for your SMSF audit and ensure that your SMSF is compliant with all relevant laws and regulations. We will also provide you with a comprehensive audit report that outlines our findings and recommendations.

What to expect during an SMSF audit