SMSF Audit Report Examples

An SMSF independent report refers to the report submitted to the trustees detailing the operation of the SMSF fund for the financial year stated on the report.

Details

The report provides the details about the fund and must include the following:

  • The name/ business name
  • Business postal address
  • SMSF auditors number

The name provided should be similar to the one appearing on the trustees deed, must have ABN or tax file, the address and the year of the income.

The report must provide detail on the significant accounting policies including the explanatory notes and must mention the year income being audited. In addition, the report can provide the following:

The current state of the financial report of the fund
Details on whether the report has been presented in accordance with the Australian accounting standards

The report must adhere to the current statutory requirements:

Part A

One of the SMSF qualified audit report examples must provide information on whether the audit has been conducted in accordance with the laid down Australian auditing standards (AUSASB)

Part B

This section deals with the compliance. No single part of the report can be approved if it does not comply with this section. However, it is possible to add more on the sections that are not available on the report. It is prudent that you ensure all sections and regulations listed have been attested.

All said, it is important that the statement be conducted in accordance to the standards issued by AUASB.

Dully completed SMSF qualified audit report examples can be used if they are:
Approved by a self managed supernatural fund (SMSF)
If the approving auditors have been appointed the trustee give a report on the operation of the fund for the income year in question.

The report must be approved by an auditor who is duly registered with the Australian Securities and Investment Commission and must have received an SMSF auditor number SAN.
Any SMSF qualified audit report examples must comply with the independent requirements of the Code of Ethics for Professional Accountants. However the report cannot be accepted if any of the following is present;

  • The auditor is a director, a member or a trustee of the fund.
  • He is a relative, an associate, a director of corporate trustee or a member of the fund.
  • If the auditor has participated in the preparation of the statement for the fund being subjected to audit.
  • The auditor has participated, been consulted or directly given advice to the fund being audited.

Good SMSF qualified audit report examples must have the following characteristics:

It must express an auditors opinion on the financial statement after the auditor has looked at the financial statement and has proved that the report is prepared in accordance with the generally accepted accounting principles and that an unqualified report has been issued on the same.
If the financial statement is in accordance with SMSF regulations qualified opinion may be issued irrespective of the minor departure from such regulations. In such a case, the fund may choose to correct the financial statement so that the report could receive an unqualified opinion.

The report may be said to have a scope limitation if the auditor is unable to audit all the SMSF documents. However, it is expected that the auditor must be able to observe all the records in a case of accompany and design an alternative procedure that can attest how accurate the inventory is before issuing a qualified opinion. The opinion must state whether the financial statement are fairly presented or not. If he does not agree with the inventory balance, he must state so in the report.

If the financial statements are misstated and misleading or do not comply with SMSF regulations, he must be able file an adverse opinion. However, this is not common because if it were to happen the SMSF would not allow for such a report and would dismiss the auditor. But if the trustees are interested and wish to continue with the relationship, it could be one of the options.

The auditor is mandated to give the SMSF trustees a signed and dated copy of the report within 28 days after being provided with the relevant documents required for the preparation of the report. The auditor must retain a copy of the report for any eventuality.