Eternity Group

SMSF — Audit

SMSF Audit Coordination

Every SMSF must be independently audited each year by an ASIC-registered SMSF auditor before the annual return is lodged. We are not the auditor — independence is required — but we coordinate the whole audit: audit-ready workpapers, auditor liaison, query resolution, contravention awareness and timing.

Book an SMSF Audit DiscussionSee Our Process
  • Independent audit
  • Audit-ready workpapers
  • Auditor liaison
  • Query resolution
  • ACR awareness

Self Managed Super Funds are not for everyone. SMSF rules are complex and trustees are personally responsible for compliance with superannuation, tax and investment laws. Establishing and running an SMSF involves trustee duties, ongoing administration, audit and reporting costs. Information on this page is general only — seek personal advice based on your circumstances before establishing or changing an SMSF strategy.

Scope of work

What audit coordination actually delivers.

The end output is an audit completed cleanly and on time — workpapers in order, the auditor's queries answered, and the annual return free to be lodged.

Audit-ready workpapers

Financials · reconciliations · member statements

A complete audit pack: signed financial statements, member statements, bank and investment reconciliations, contribution and pension records, and the trust deed. The auditor receives a tidy, cross-referenced file rather than a box of paperwork, which keeps the audit fast and the fee predictable.

Auditor liaison

We engage and brief the ASIC-registered auditor

We engage a separate, ASIC-registered SMSF auditor on your behalf, brief them on anything unusual about the fund’s year, and act as the single point of contact. You deal with us; we deal with the auditor — so trustees are not chasing emails or interpreting audit jargon.

Query resolution

We answer audit queries, you stay informed

When the auditor raises a question, we locate the document or reconciliation that answers it. Most queries are routine. Where a query touches a genuine compliance point, we explain it to you in plain language and agree a response before replying to the auditor.

Contravention awareness

Early identification · rectification context

We watch for issues that could become reportable contraventions (in-house assets, related-party dealings, loans to members, sole-purpose concerns) and flag them early. Where a breach exists, we work with you and the auditor on rectification and documentation before the Auditor Contravention Report stage.

Valuations evidence

Market-value support for fund assets

SMSF assets must be reported at market value each year, and the auditor will ask for evidence. We assemble support — property appraisals or comparable sales, unit prices for managed investments, and unlisted-entity valuations — so the auditor can sign off without a back-and-forth.

Timing & lodgement readiness

Audit finished before the annual return is due

We schedule the audit so it is completed well ahead of the SMSF annual return deadline. A finished audit is a prerequisite for lodgement, so building in buffer time means a late-breaking query never threatens the lodgement date.

Why it matters

Why coordination matters — and the issues that trip funds up

The independent audit is the one annual checkpoint that the ATO relies on to keep SMSFs honest. A well-coordinated audit is quick and uneventful; a poorly-prepared one drags on, costs more and can surface problems too late to fix cleanly. The points below are general considerations only.

Independence is non-negotiable

The auditor cannot be the same firm that prepared the accounts. Coordinating with a genuinely independent, ASIC-registered SMSF auditor keeps the fund compliant and gives the trustees a real second opinion rather than a rubber stamp.

Valuation evidence gaps

The most common audit hold-up is missing market-value evidence — especially for property and unlisted investments. Gathering this before the auditor asks turns a multi-week back-and-forth into a same-day sign-off.

Related-party and in-house asset traps

Loans to members, fund assets used personally, and related-party rent below market are the breaches auditors look for hardest. Spotting and rectifying these early is far better than having them surface in an Auditor Contravention Report.

Timing pressure on lodgement

The audit must be finished before the annual return can be lodged. Leaving it late means any auditor query becomes a lodgement risk. Coordinating the audit early removes that pressure entirely.

Process

From finalised accounts to a signed audit — well before lodgement.

A document-driven sequence that runs straight on from the annual accounts and feeds directly into the SMSF annual return.

Finalise the accounts

We complete the fund's financial statements, member statements and reconciliations for the year. The audit cannot start until the accounts are signed off, so this comes first.

Assemble the audit pack

We build a cross-referenced file: financials, trust deed, investment strategy, contribution and pension records, and market-value evidence for every asset. A complete pack keeps the audit fast.

Engage the auditor

We engage a separate, ASIC-registered SMSF auditor and brief them on the fund's year. We act as the single point of contact so trustees do not need to liaise directly unless they choose to.

Resolve queries

The auditor reviews the financial and compliance limbs and raises any queries. We supply the supporting document or reconciliation, keeping you informed where a query touches a compliance point.

Address any contravention

If a reportable breach is identified, we work with you and the auditor on rectification and documentation before the Auditor Contravention Report stage. Early action produces better outcomes.

Sign-off & lodgement

The auditor issues the independent audit report. With the audit complete, the SMSF annual return is free to be lodged — comfortably ahead of the deadline.

Frequently asked questions

SMSF audit coordination — common questions.

An independent audit is a legal requirement under the Superannuation Industry (Supervision) Act 1993. Every SMSF must be audited by an approved SMSF auditor before its annual return can be lodged, regardless of the fund's size or whether it was active during the year. The audit gives the ATO assurance that the fund's financial statements are accurate and that the trustees have complied with the superannuation rules. The audit covers two limbs: a financial audit of the accounts, and a compliance audit testing specific SIS Act and regulation requirements.

Related

Where audit coordination fits

The independent audit sits between the annual accounts and the lodged return. It runs alongside ongoing SMSF compliance, follows on from fund setup, and feeds straight into the annual return.