What you can expect in an audit or review
We undertake audits and reviews of approved self-managed super fund (SMSF) auditors where we have information indicating there are matters of concern, or where we want to provide assurance that an auditor is complying with their obligations.
Our audits and reviews will:
- review your audit processes and performance to identify issues
- check you are complying with your professional and reporting obligations under the super laws, including the independence requirements in the APES 110 Code of Ethics for Professional Accountants (including Independence standards) (2018) – effective 1 January 2020
- 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.
The names of the selected SMSFs will generally only be provided during our field visit. However, if the audit or review is not conducted in the field, we will advise you of the names of the selected SMSFs during the phone interview.
Where a practice is responsible for large numbers of SMSF audits, 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, and
- 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 you do not respond to our request for information and documentation, we will refer the matter to the Australian Securities and Investments Commission (ASIC).
We may refer an approved SMSF auditor to ASIC for consideration and possible enforcement action in accordance with practice statement PS LA 2018/01 Self-managed superannuation funds - referral of approved SMSF auditors to ASIC.
We undertake audits and reviews of approved SMSF auditors where we have information indicating there are matters of concern.