• What you can expect in an audit or review

    We undertake audits and reviews of auditors where we have information indicating there are matters of concern. The audits and reviews will:

    • review your audit processes and performance to identify issues
    • ensure you are meeting the independence obligations of SMSF auditors
    • test whether you are correctly applying the super laws
    • identify areas where you need support or education.

    If you are selected for review, we will ask for copies of your audit working papers and any other documents or evidence relevant to your assessment of the fund's compliance with super laws.

    For some large audit practices, we will review and test internal controls to give us assurance that the large numbers of SMSF audits are being undertaken satisfactorily.

    In most cases, our initial approach will be informal . We will advise you of:

    • the purpose and scope of the review or audit
    • what action you need to take
    • your rights.

    If the review is to be conducted in your office, we will contact you to arrange an agreed time for an initial meeting.

    If required, we will send you a formal written notice requesting relevant information and documentation. Penalties may apply if there is deliberate or reckless refusal to comply with the notice.

    We expect reviews will result in some educational support being provided to the auditor. In serious cases, we may refer an SMSF auditor to ASIC for consideration and possible enforcement action.

     

    Last modified: 16 Jun 2015QC 45574