Your checklists (
0
)
AI Checklist Generator
From the makers of
Manifestly Checklists
Sign in
Email address
Email me a magic link
Home
> SMSF Audit
SMSF Audit
1. Pre-Audit Preparations
Confirm the audit appointment and scope.
Obtain the trust deed and any amendments.
Review previous audit reports and correspondence.
Gather financial statements for the audit period.
Collect member records and contributions data.
2. Compliance Checks
Verify fund's compliance with the Superannuation Industry (Supervision) Act 1993.
Check for compliance with the fund's investment strategy.
Assess adherence to contribution limits and rules.
Ensure all members are aware of their rights and obligations.
3. Financial Statement Review
Examine the balance sheet for accuracy.
Review the income statement for completeness.
Verify the calculation of assets and liabilities.
Ensure proper accounting treatment of income and expenses.
4. Asset Valuation
Confirm the valuation of investments and assets.
Review documentation supporting asset valuations.
Validate the existence and ownership of assets.
5. Member Contributions and Benefits
Review member contribution records for accuracy.
Check compliance with the contribution caps.
Validate any benefit payments made during the audit period.
6. Documentation and Record Keeping
Ensure all required documentation is complete and available.
Check for proper record-keeping practices.
Confirm that minutes of meetings are recorded and maintained.
7. Risk Management and Internal Controls
Assess the effectiveness of internal controls.
Identify any potential risks to fund compliance and performance.
Recommend improvements to risk management practices.
8. Final Audit Review
Compile audit findings and discrepancies.
Prepare an audit report summarizing the results.
Discuss findings with fund trustees and management.
Issue final audit opinion and recommendations.
9. Post-Audit Actions
Follow up on any outstanding issues.
Ensure implementation of recommendations.
Schedule the next audit and establish ongoing communication.
Download CSV
Download JSON
Download Markdown
Use in Manifestly