|
The report available at the link above applies from 1 July 2012. For an annual audit, this means for audit periods commencing on or after 1 July 2011. You may use this report for audits completed for earlier periods. However, you must take care to comply with the auditing standards and legislation that applied to that period.
|
You should use this report if you:
- are an approved auditor, and
- have been appointed by a trustee of self-managed super fund (SMSF) to give a report on the operation of that fund for each income year.
An approved auditor must be one of the following:
- a registered company auditor
- a member of CPA Australia Ltd
- a member of The Institute of Chartered Accountants in Australia
- a member of the Institute of Public Accountants
- a member or fellow of the Association of Taxation and Management Accountants
- a fellow of the National Tax and Accountants Association Ltd
- an SMSF Specialist Auditor of the SMSF Professionals' Association of Australia Limited (SPAA)
- the Auditor-General of the Commonwealth, a state or territory or a delegate of the Auditor-General.
In May 2012, the government announced that the Australian Securities and Investment Commission (ASIC) will be responsible for administering a registration system for SMSF auditors, available from 31 January 2013. SMSF auditor registration is part of the Stronger Super initiatives.
SMSF auditors who are registered with ASIC will be issued with an SMSF auditor number (SAN). Once registered, you should include your SAN when completing this report.
There are independence requirements for auditors of superannuation entities. Some threats to independence can only be eliminated or reduced to an acceptable level by declining or removing yourself from the audit engagement. These include where you are engaged to audit the fund and:
- you are a trustee or director of a corporate trustee or a member of the fund
- you are a relative or close associate of a trustee and a member of the fund
- you personally have prepared the accounts and the statements for the fund being audited.
|
Additionally, relevant professional accounting associations have mandatory competency requirements for members who conduct SMSF audits, including the need for relevant members to hold a public practice certificate and professional indemnity cover, and the need for completion of relevant continuing professional development.
Auditors should also refer to any relevant standards and guidance issued by the Accounting Professional and Ethical Standards Board (APSEB) and accounting bodies. Our expectation is that these standards are followed.
|
You must give the SMSF trustees a report on the operation of the SMSF, in the approved form. We call this the Self-managed superannuation fund independent auditor's report. Go to page 5 in the downloadable version for a copy of this report.
This report can only be used for SMSFs and former SMSFs.
An SMSF must have four or fewer members, all of whom are either trustees or directors of the corporate trustee.
SMSFs that have ceased to meet the SMSF definition must change their situation so they:
- meet the SMSF conditions
- appoint a registrable superannuation entity licensee, or
- wind up the fund.
Auditor details
Provide your details as the approved auditor, including:
- your name
- your postal address
- your business name
- your business postal address
- the name of the professional accounting or auditing organisation that you belong to
- your membership or registration number of the professional accounting or auditing organisation that you belong to.
SMSF details
Provide details of the SMSF you are auditing, including:
- its name
- its Australian business number or tax file number
- its address
- the year of income your are auditing.
|
If you are auditing more than one SMSF, you must use a separate report for each SMSF.
If you are auditing more than one year, you must use a separate report for each year.
|
To the trustees
Provide the full name of the SMSF as it appears on the trust deed.
Provide the title of the statements you have audited. Include a summary of significant accounting policies and any other explanatory notes.
Provide the year of income you are auditing.
You can add any additional material or notes on the lines provided.
Provide details if in your opinion:
- the financial report is not a true and fair presentation of the financial position of the fund
- the financial position of the fund may be, or may be about to become, unsatisfactory
- you are not satisfied the financial report has been presented fairly and in accordance with:
- Australian accounting standards
- relevant statutory requirements
- other requirements.
If you are satisfied the fund has met these requirements, leave this section blank.
New auditing standards commenced operation for reporting periods on and from 1 January 2010. When your audit is for such a period, include the basis of accounting statement indicated in part A of the report; if it is not, delete this paragraph.
Clearly indicate the audit option that applies and provide the year of income.
|
Part A of the audit report contains the statement that the audit has been conducted in accordance with Australian Auditing Standards. This refers to the auditing standards issued by the Auditing and Assurance Standards Board (AUASB).
|
You can add additional sections and regulations in the available space, if needed. Make sure all the sections and regulations you have tested are listed.
Provide details if you conclude that a material contravention of any of the sections or regulations listed has occurred.
If you are satisfied that the fund has not contravened any sections or regulations listed, leave this section blank.
|
Part B of the audit report contains the statement that the audit has been conducted in accordance with applicable Standards on Assurance Engagements. This refers to those standards issued by the AUASB.
|
Signature
Sign and date the report.
You must give the SMSF trustees a signed and dated copy of this report. An electronic copy can be provided to the trustees, providing its source and bona fides can be verified. You should retain a signed and dated copy for yourself.
|
Do not send us a copy of the report.
|
You must report to us using the Auditor/actuary contravention report (NAT 11239) if:
- you think the financial position of the fund may be or may be about to become unsatisfactory
- you conclude that a contravention of the Superannuation Industry (Supervision) Act 1993 (SISA) or Superannuation Industry (Supervision) Regulations 1994 (SISR) specified in the contravention report may have occurred, may be occurring or may occur and the contravention meets the prescribed reporting criteria.
You may also report anything else you consider will assist us in performing your duties under the SISA and the SISR.
More information
For more information about auditing SMSFs, refer to
To obtain a copy of our publications or for more information:
- visit www.ato.gov.au
- phone us on 13 10 20
- write to us at PO Box 9990 in your capital city.
If you do not speak English well and need help from us, phone the Translating and Interpreting service on 13 14 50.
If you are deaf, or have a hearing or speech impairment, phone us through the National Relay Service (NRS) on the numbers listed below:
- TTY users, phone 13 36 77 and ask for the ATO number you need
- Speak and Listen (speech-to-speech relay users), phone 1300 555 727 and ask for the ATO number you need
- Internet relay users, connect to the National Relay Service and ask for the ATO number you need.
Last Modified: Sunday, 1 July 2012