SMSF trustees should appoint an approved SMSF auditor for each income year to perform a financial and compliance audit of their SMSF’s operations before they lodge their sel-managed superannuation fund annual return.
Approved SMSF auditor must:
• be registered as approved SMSF auditors with the Australian Securities & Investments Commission (ASIC), and
• have an SMSF auditor number
The trustees of SMSF should appoint a registered approved SMSF auditor not later than 45 days prior to the due date for lodgement of SMSF return.
The trustees of SMSF should check the auditor the trustees intend to appoint with ASIC as an approved SMSF auditor and has been issued with a SAN. Do this even if you have previously appointed this auditor. SMSF auditors who are not registered with ASIC can not undertake SMSF audits.
The trustees of SMSF should contact the auditor early. This ensures that the audit can be performed in sufficient time for the SAR to be lodged on time.