Audit Independence
What Is SMSF Audit Independence?
The Australian Taxation Office (ATO) requires all Self-Managed Super Funds (SMSF) to appoint an independent SMSF auditor annually. Independence is critical to ensure an unbiased and accurate review of your fund’s financial position and compliance.
Why Is Audit Independence Important?
Audit independence prevents conflicts of interest and ensures the auditor provides an objective opinion. The auditor must not:
Be a trustee or a member of the SMSF.
Prepare the SMSF accounts they audit.
Be involved in any decision-making process of the fund.
This separation is essential to meet compliance standards and avoid ATO penalties.
Who Can Be an SMSF Auditor?
Only ASIC-registered auditors can conduct SMSF audits. At SMSF Depot, we work exclusively with approved, independent auditors. We maintain full separation between accounting and audit services, in line with APES 110 Code of Ethics.
How SMSF Depot Maintains Audit Independence
We offer:
SMSF Accounting Services: Preparation of financial statements and tax returns.
Referral to Independent Auditors: We refer your fund to an external, ASIC-approved auditor.
No Conflict of Interest: Our audit partners are entirely independent of our internal accounting team.
Regulatory Requirements
The ATO and Superannuation Industry (Supervision) Act 1993 (SIS Act) outline strict rules around independence. Failure to comply can result in administrative penalties or fund non-compliance.
Key Takeaways
SMSF audits must be performed by an independent auditor.
SMSF Depot follows a strict separation between compliance and audit.
We ensure full compliance with ATO and SIS Act standards.