What is an SMSF audit?
An SMSF audit refers to the process of reviewing and examining the financial and compliance records of a Self-Managed Superannuation Fund (SMSF) in accordance with regulatory requirements. SMSFs are a type of retirement savings vehicle in Australia that allows individuals to manage their own superannuation investments, subject to strict rules and regulations set by the Australian Taxation Office (ATO). The primary purpose of an SMSF audit is to ensure that the SMSF is operating within the boundaries of the law and adhering to the Superannuation Industry (Supervision) Act 1993 and other relevant regulations. Here are some key aspects of an SMSF audit: Financial Review : The auditor will review the SMSF's financial statements, including the balance sheet, income statement, and cash flow statement, to ensure accuracy and compliance with accounting standards. Compliance Assessment : The auditor will check that the SMSF has followed the rules and regulations regarding contributi...