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> SMSf Audit Checklist
SMSf Audit Checklist
1. Documentation Review
Verify the SMSF trust deed is current and compliant.
Check for any amendments to the trust deed and ensure they are documented.
Review the fund's investment strategy and confirm it is documented and adhered to.
Ensure all member details are accurate and up to date.
2. Financial Records
Confirm all bank statements are reconciled with the fund's financial records.
Review all investment transactions for accuracy and proper documentation.
Check for any outstanding contributions or payments.
Ensure all income, expenses, and distributions are properly recorded.
3. Compliance Testing
Verify adherence to the sole purpose test.
Check for compliance with contribution limits and types.
Review pension payments to ensure they adhere to regulations.
Confirm that the fund meets the minimum pension payment requirements if applicable.
4. Asset Valuation
Ensure all assets are valued at market value as of the audit date.
Review documentation supporting asset valuations, including property appraisals.
Confirm that related party transactions are at arm's length and properly documented.
5. Regulatory Compliance
Ensure the fund has lodged all necessary returns with the ATO.
Confirm that the fund is registered with the ATO and maintains compliance with superannuation laws.
Review any correspondence from the ATO and check for compliance with any requests.
6. Member Records
Verify that all member contributions are correctly recorded.
Ensure that all member benefits are documented and calculated accurately.
Check for proper documentation of any member exits or transfers.
7. Audit Findings and Reporting
Document any discrepancies or issues found during the audit.
Prepare an audit report summarizing findings and recommendations.
Discuss audit findings with the SMSF trustees and provide guidance on necessary actions.
Ensure all audit documentation is securely stored for future reference.
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