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SMS AUDIT INFO CHECKLIST YEAR ENDED 30 JUNE 2014 AUDIT ENGAGEMENT YES N/A YES N/A YES N/A Audit Engagement Letter Preaudit Representation Letter Trustee Representation Letter END OF FINANCIAL YEAR
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How to fill out smsf audit

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How to fill out smsf audit

01
Gather all the necessary documentation and information related to the SMSF
02
Review the financial statements and transaction records of the SMSF
03
Check for compliance with the Superannuation Industry (Supervision) Act and regulations
04
Prepare and complete the SMSF Audit Working Papers
05
Engage an SMSF auditor who is registered with the Australian Securities and Investments Commission (ASIC)
06
Provide the auditor with all the required documentation and access to SMSF records
07
Wait for the auditor to thoroughly review and analyze the SMSF's financial activities and compliance
08
Discuss any discrepancies or issues identified by the auditor
09
Make any necessary adjustments or corrections to ensure compliance
10
Receive the final audit report from the auditor
11
Submit the audit report to the Australian Taxation Office (ATO) if required

Who needs smsf audit?

01
Individuals or businesses who have established a self-managed superannuation fund (SMSF)
02
Trustees of SMSFs who are legally obligated to have their fund audited annually
03
SMSFs with a balance greater than $250,000 at any time during the financial year
04
SMSFs that receive contributions or rollovers from a small business entity
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SMSF audit is a process of evaluating and verifying the financial statements and compliance of a self-managed super fund (SMSF) with the rules and regulations set by the Australian Taxation Office (ATO).
All SMSFs are required to have an annual audit conducted by an approved auditor. The audit is mandatory to ensure compliance with superannuation laws and regulations.
To fill out an SMSF audit, you need to gather all relevant financial documents, statements, and records of the fund. These will be reviewed and verified by the auditor to ensure accuracy and compliance.
The purpose of SMSF audit is to provide assurance to the ATO and fund members that the SMSF is being managed and operated in accordance with the rules and regulations governing super funds.
The SMSF audit report must include details of the fund's financial position, investments, transactions, compliance with superannuation laws, and any breaches or issues that need to be addressed.
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