Auditors play a significant role in the SMSF audit. They go through the financial reports and assess if they are according to the rules and regulations of the fund. They need to report any non-compliance issues to the trustees of the funs and (Australian Tax office) ATO as well. These professionals need to be registered with Australian Securities and investment commission (ASIC) to conduct any such examination.

Experts suggest that it is ideal to select an experienced auditor for the auditing process and for SMSF setup. A low-cost audit may appear like a good deal but in the long run, it could be a costly mistake as the inexperienced auditor would not be able to solve an issue which could cost the company heavily in monetary terms.

SMSF is a privately run superannuation trust structure that is managed by trustees. This fund is generally set up to handle the requirements of the employees or their families during retirement or death of the employee while serving the company.

The fund is collected by employees’ contribution and returns from investments made by the company. All members of the fund contribute every month or another schedule as decided by the trustees. The trustees decide ways to invest the fund so that they get maximum returns and the member can enjoy a peaceful life after retirement.

The main advantage of this fund is that the trustees are the members of the fund as well. Therefore, they would take extra care while investing in the fund’s money. They would also make sure that the principal amount is safe and they could gain maximum returns from the investments.

A professional auditor is also beneficial for the fund as they would be able to suggest corrective measures so that the company would do well and not create problem for itself. They would also help to detect any fraud (if any) in handling the fund. So it better to look for a professional auditor.

Source: https://smsf-setup..com/2019/09/importance-of-smsf-audit-for-smooth.html