0912 audit facts v2

Self-Managed SuperannuationA practical guide to ensure your smsf audit AUDIT FACTS complies with the Superannuation law.What you need to know P.1Tips & Tricks P.2Your Audit RelationshipThe best and least painful audit is an open What you need to knowand honest one. If you find your auditor is intimidating, As the trustee of a self managed super fund client SMSF audits to be done by a third party. combative or just simply (SMSF) you have a responsibility to appoint Relatives or other business associates of the an approved auditor to audit your fund each accountant are also prohibited from auditing unhelpful then ask around. year. So who is an approved auditor and what accounts prepared by the accountant.Our role as your auditor is exactly do they do?to help you comply with the What are the benefits?Superannuation law and Who is an Approved Auditor? A good quality audit will first and foremost our philosophy is to make An approved auditor must be either regis- provide comfort that your fund is complying audits a valuable tered as a company auditor with ASIC or a with the law. If your fund is deemed non- member of one of the professional accounting complying it could have to pay 45% of its exercise, rather than a associations (Chartered Accountant, CPA or assets to the Tax Office. This is generally a witch-hunt. NIA members). cost which makes the risk of non compliance far too great to take. A good auditor will also Please contact David ...