SMSf Audit Checklist

Confirm the SMSF's ABN and TFN are valid.

Obtain trust deed and any amendments.

Check if the fund is complying with the SIS Act.

Review fund's financial year-end date.

Gather previous audit reports and correspondence.

Here are some additional steps that could be included in the "1. Pre-Audit Preparation" section of the SMSF Audit Checklist

Confirm the SMSF's registration status with the Australian Taxation Office (ATO)

Verify the identity of the trustees and their eligibility to act as trustees

Review the investment strategy of the SMSF to ensure it is current and compliant

Obtain and review any relevant insurance policies held by the SMSF

Collect details of all bank accounts and investment holdings associated with the SMSF

Ensure records of contributions and rollovers are complete and up-to-date

Review any changes in member circumstances that may affect the fund

Check for any outstanding compliance issues or breaches from previous audits

Confirm the existence and valuation of all SMSF assets

Gather minutes from trustee meetings and any significant decisions made during the financial year

Verify member details and contributions.

Review investment strategy and asset allocation.

Check compliance with the fund's investment strategy.

Ensure proper documentation for all transactions.

Confirm that all minutes and resolutions are recorded.

Review balance sheet for accuracy.

Examine income statement for revenue recognition.

Check asset valuations and investment records.

Confirm bank reconciliations are complete.

Ensure all liabilities are accurately reported.

Test compliance with contribution caps.

Verify pension payments are made according to regulations.

Check for in-house asset compliance.

Ensure related party transactions are documented and compliant.

Confirm tax obligations are met and reported.

Prepare audit findings report.

Discuss findings with the SMSF trustee.

Ensure all items have been addressed before finalization.

Obtain trustee's sign-off on audit report.

File audit report with the ATO as required.

Provide recommendations for improving compliance.

Discuss ongoing obligations with the trustee.

Schedule next audit date.

Ensure all documentation is stored securely.

Follow up on any outstanding issues identified during the audit.