When you have a self-managed super fund, you need to adhere to certain rules and regulations. One of the rules is that one must have an SMSF audit at least once a year by a certified auditor. As it comes under the Superannuation Industry, so their auditing takes on an annual basis irrespective of their fund types.

When you go for the SMSF setup, you are preparing yourself for the retirement phase. If you want this phase to go well in terms of finances, then make sure to abide by all rules and regulations. Before initiating your account, consult with a specialist for thorough guiding. They will let you know about every rule you need to complete for securing your future.

Auditing of SMSF diving into two parts:

Financial auditing: It is done as per the Auditing and Assurance Standards Board (AUASB) Australian Auditing Standards. In this phase, the auditor will express their opinion and recommend financial reports which are based on what they found. They will draft an audit plan according to which they approach your case. After formulating the plan, they implement their testing on the statement given in the financial reports.

These tests include:
1. Transaction details
2. Value and accuracy of recorded data amounts
3. An asset to liability ratio
4. Ownership and obligation detail

Compliance auditing: This part includes the ensuring of trustees that they are managing the self-managed super fund according to its rule. The auditor must be satisfied with the trustee’s compliance with rules and requirements.

The rules of the self-managed super fund are:
1. It doesn’t lend money or gives financial aid to member or relatives of the trustees
2. Every record of the account should be written and kept in English
3. Trust deed, present number, name of a member, type of trustee, names of individual trustees, the

relationship between the trustees and details of legal representative also get analyzed If you have the requirement of auditing service, feel free to connect with specialized service in your city. Give a call or e-mail to arrange a meeting with the specialist.

Source: https://smsf-setup..com/2020/01/the-much-needed-detailed-smsf-audit-for.html