Do I need an audit for my SMSF?

General advice only · AFSL 222640 · Global Mutual Funds Pty Ltd

The direct answer

Yes. Every self-managed super fund must be audited each year by an approved SMSF auditor registered with ASIC, before the fund's annual return is lodged. The audit covers both the financial statements and compliance with super law. The auditor must be independent — they generally cannot also prepare your fund's accounts.

What it depends on

The full answer depends on your specific circumstances. Here’s what matters.

Auditor registration

You can check an auditor's SMSF auditor registration number (SAN) on ASIC's register. The auditor's SAN is required on your annual return.

Independence

Independence standards limit an auditor from auditing a fund where their firm prepared the accounts or has other conflicts.

Compliance issues found

Some contraventions must be reported to the ATO by the auditor. Issues such as in-house asset breaches or early access can have serious consequences for trustees.

The last 10%

What a qualified professional can add

The answer above covers the general position. Here’s where professional judgement — applied to YOUR specific situation — makes the difference.

Independent assurance on your fund's financial statements
Testing compliance with super law before problems grow
Flagging record-keeping or investment strategy weaknesses

Questions to ask before you engage one

If you decide to engage a professional, these questions help you evaluate whether they’re right for your situation.

What is your SMSF auditor registration number (SAN)?

Are you independent from whoever prepares our accounts?

What documents do you need, and by when?

What compliance issues do you most commonly find?

Your next step

Check your current auditor's SAN on ASIC's register and confirm they are independent of your accountant.

Did this answer your question?