Independent SMSF Audits
Annual financial and compliance audits by an ASIC-registered approved SMSF auditor. Fixed fees, clear requests and quick turnaround for trustees and accountants.
The short answer
Every SMSF must be audited each year by an independent approved SMSF auditor before its annual return is lodged. We audit funds for trustees and for other accounting firms. To stay independent, we do not audit any fund where our firm prepares the accounts or makes decisions for the fund.
What the audit covers
Financial audit
We check the financial statements and member balances are fairly stated, including asset values and ownership.
Compliance audit
We check the fund met key super law rules, such as the sole purpose test, in-house assets and related-party dealings.
Reporting
You get the signed audit report, a management letter and, if needed, we lodge an auditor contravention report with the ATO.
How it works
- Engagement. We send an engagement letter and a short checklist of documents.
- Upload. You or your accountant upload the file through our secure portal.
- Audit. We review and send one list of any queries, not a drip-feed.
- Sign-off. Signed report usually within 10 business days of a complete file.
Our independence
Auditor independence is a legal and professional requirement. Following ATO guidance and APES 110:
- We don’t audit a fund where Pace Advisory prepares the financial statements or makes decisions for the fund. Our own SMSF accounting clients are audited by a separate, unrelated auditor.
- We don’t take part in reciprocal audit arrangements.
- We don’t audit funds of our own staff, partners or their relatives.
For accounting firms
We work as your outsourced auditor. You get set turnaround times, a consistent query format and a partner contact. We never approach your clients for other services.
Frequently asked questions
Does every SMSF need an audit?
Yes. Each year the trustees must appoint an approved SMSF auditor to audit the fund before the annual return is lodged.
When should I appoint my auditor?
The ATO requires the auditor to be appointed no later than 45 days before the fund’s annual return is due to be lodged.
Can my accountant also audit my fund?
No. An auditor can’t audit a fund where they or their firm prepare the accounts or make decisions for the fund, apart from limited routine work with safeguards. That’s why we don’t audit our own SMSF accounting clients.
What happens if the auditor finds a problem?
We tell the trustees in a management letter. Some breaches must be reported to the ATO in an auditor contravention report. We’ll explain what it means and how to fix it.
What documents do you need?
Financial statements, bank and investment statements, asset valuations, minutes, contribution and pension details, and the trust deed. We send a checklist.
How much does an SMSF audit cost?
We charge a fixed fee based on the fund’s assets and complexity. Ask us for a quote.