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  • Audit documentation

    SMSF auditors must have sufficient documentation to support their findings and opinions.

    You should keep audit files separately from other files you may hold for the client. Audit papers should be retained for at least seven years.

    Supporting documentation should include copies of:

    • Letter of audit engagement: The letter of engagement confirms your acceptance of the appointment and clearly states the scope of the financial audit and the compliance audit with the super laws. It should prevent any misunderstanding between the trustees and auditor about the nature and extent of the audit.
    • Representation letter: A letter from the trustees stating that, to the best of their knowledge, they have approved and acknowledge responsibility for the financial statements and that the fund complies with the super laws.
    • Management letter: If there are matters of concern arising from the audit, you should provide the trustees with a management letter stating your findings.
    • Working papers: The audit working papers should be able to be understood by another auditor who has had no previous connection with the audit. They should record the planning, nature, timing and extent of the audit, the results, the evidence obtained, and the conclusions drawn from this evidence. They should also include your reasoning on all significant matters that require the exercise of judgment, together with your conclusions and recommendations. They should also
      • identify who performed the work and the date the work was completed
      • document any discussions about significant matters with the trustees
      • identify who reviewed the work and the date of the review (if applicable)
      • include copies of any written advice you provide to us.
    • Final, signed financial report of the SMSF: Your working papers should contain a final, signed copy of the fund's financial report and relevant accounting records supporting those statements for the income year under review.
    • Audit report in the approved form: You should keep a copy of the signed audit report in the approved form, including your opinion and any qualifications.
    • Written advice to us: You should also retain a copy of any written advice you provide to us.

    Your working papers should confirm that the audit was performed according to the Australian Auditing Standards and Standards on Assurance Engagements.

    See also:

    Last modified: 18 May 2016QC 45567