Audit Compliance


Why use an independent SMSF auditor?

Partnering with an experienced SMSF audit firm provides you with the confidence and peace of mind that your clients are receiving timely and expert SMSF audit services. SMSF auditors must be registered with the Australian Securities and Investments Commission under rigorous requirements set by the Australian Taxation Office.Partnering with an independent auditor means you can avoid an arduous registration process – which includes formal qualifications, examinations, 300 hours of direct experience and expensive public liability insurance. Once registered, there are also ongoing professional obligations to maintain.You can avoid all of this by engaging an independent auditor.Engaging an independent auditor will also ensure your compliance with APES 110 Professional Independence under the Code of Ethics for Professional Accountants.

The Australian Taxation Office is focused on SMSF auditor independence – where the SMSF auditor does not also provide services to the super fund as a tax agent, accountant or financial advisor.

You can avoid conflicts of interest – and avoid any concerns the Australian Taxation Office has about SMSF auditor independence – by engaging RTW Auditing as an independent auditor for your clients.

Outsourcing specialist SMSF audit services also allows you to focus on what you do best. You can avoid complex audit requirements and advice to your clients and instead focus your resources and skills on delivering and expanding your core business.

You can also reduce your staff training and compliance requirements.

And of course, as registered SMSF auditors, we are required to insure against professional indemnity – reducing your premiums in the process.

What does a standard audit process involve?

Our SMSF audit process is simple. All we require are completed tax returns, copies of source documents and financials for review, so we can ensure that all conditions and requirements of a self-managed super fund by the Australian Taxation Office and Superannuation Industry (Supervision) Act have been met. Simply send us your documents electronically – or drop them off in person – to start the process. Our SMSF Audit Checklist will outline what you need to provide us with.

How long does it take?

In most cases, a standard SMSF audit is completed within 14 days.

How much does it cost?

Our standard SMSF audit fee is from $440 inc GST per audit. Funds with property, borrowing or non-standard investments will incur slightly higher fees. All fees are discussed and agreed prior to commencement.

What will we receive at the end of the SMSF audit?

Following completion of the SMSF audit, an Audit Report, Management Letter, Trustee Representation Letter and an Audit Appointment Letter are issued to you. These documents are required by the Australian Taxation Office prior to lodgement of your tax returns and financials and ensures that all of the conditions required of a self-managed super fund have been satisfied.

What if there are SMSF audit compliance issues?

Should audit compliance issues arise, we will work with you and your clients to provide solutions. We provide you with advice and support to ensure any compliance issues are accurately assessed and rectified. Our extensive experience in dealing with SMSF audit compliance matters means we are well placed to help find effective solutions for you and your clients.

Please contact us if you have any further questions.