Audit Toolkit – Steps for Audit
SMSF Audit Toolkit: Step-by-Step Audit Guide for Your SMSF
The SMSF Audit Toolkit by SMSF Depot is designed to help trustees complete their SMSF audit smoothly and stay ATO-compliant. A Self-Managed Super Fund (SMSF) must undergo an annual audit by an independent auditor, and our toolkit provides every key step needed.
Step 1: Finalise Your Fund's Financials
Before you begin your SMSF audit, ensure all SMSF Accounting records and financial statements are completed. Your accounts should reflect all investment activities and contributions made during the financial year.
Step 2: Prepare Trustee Declarations
Trustees must sign the Trustee Declaration. This document confirms their understanding of responsibilities under the SIS Act and is a core part of SMSF Compliance.
Step 3: Gather Supporting Documentation
Include:
Bank statements
Investment reports
Property valuations
Contribution and pension summaries
This ensures accuracy and transparency in your audit file.
Step 4: Lodge All Annual Returns
All relevant SMSF Tax Return obligations must be completed. Ensure these are submitted or available for the auditor’s review.
Step 5: Engage a Licensed SMSF Auditor
At SMSF Depot, our auditors are fully qualified and independent. We conduct a financial and compliance audit to assess fund activities and ensure adherence to Superannuation Providers Australia standards.
Step 6: Resolve Any Audit Issues
If your auditor identifies issues, act quickly. Common mistakes include:
Incorrect asset valuations
In-house asset breaches
Missing member documentation
We provide SMSF Solutions to fix such problems promptly.
Step 7: Keep Records Secure
Store all audit-related documents for at least five years. This includes working papers, correspondence, and the auditor’s report. This is mandatory under ATO audit guidelines.
Why Choose SMSF Depot for SMSF Audit Services?
100% independent audits
End-to-end support
Fast, affordable service
Trusted by clients across Australia