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Providing SMSF audit documentation

SMSF audit documentation and supporting evidence SMSF auditors must provide to comply with auditing standards.

Last updated 1 April 2025

Documentation requirements

As a self-managed super fund (SMSF) auditor, you must have sufficient documentation to support your audit findings and opinions. This includes:

  • preparing and documenting your audit plan in writing, detailing the audit approach undertaken
  • relevant audit evidence supporting the conclusions reached
  • audit procedures undertaken to respond to the assessed risks
  • the checklists you complete with relevant notation
  • analysis undertaken
  • records of discussions and correspondence with the trustees and others who were relevant in forming your opinion
  • evaluation of evidence including
    • audit testing undertaken and results
    • summaries of reasoning on all significant matters that require professional judgment.

The ATO has published information on the evidence and documentation required for:

Your audit file should include copies of the following documentation:

  • letter of audit engagement
  • representation letter
  • management letter
  • working papers.

Audit files should be kept separate from other files you may hold for the client.

All audit papers must be retained for at least 7 years from the date the auditor's report is signed.

Letter of audit engagement

This letter:

  • is required under the auditing standards
  • confirms your acceptance of the appointment as auditor for a specific year
  • clearly states the scope of the financial audit and the compliance audit within superannuation laws
  • should prevent any misunderstandings between you and the trustees about the audit.

Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds, issued by the Auditing and Assurance Standards Board (AUASB), states that the engagement letter is between the auditor and the trustees of the SMSF. It is not between the auditor and any party referring the arrangement such as an accountant or administrator.

The letter should be signed by the SMSF trustees.

Representation letter

This letter must include all representations required by the AUASB's auditing standards.

It should be signed by all trustees stating that, to the best of their knowledge:

  • they have approved and acknowledge responsibility for financial statements
  • the fund complies with super laws.

Management letter

If you notice areas of concern during the audit, provide trustees with a management letter that states your findings.

Working papers

Your working papers should record the:

  • planning, nature, timing and extent of the audit procedures performed
  • results of the audit procedures performed
  • evidence obtained
  • conclusions drawn from this evidence.

Working papers should:

  • be able to be understood by another experienced auditor who has had no previous connection with the audit
  • include your reasoning on all significant matters arising during the audit that require the exercise of judgment, together with your conclusions and recommendations
  • confirm that the audit was performed according to the AUASB's Australian Auditing Standards and Standards on Assurance Engagements.

Approved SMSF auditor obligations for verifying SMSF asset valuations, including modifying an IAR and lodging an ACR.

Required compliance evidence when an SMSF member has made a downsizer contribution during the income year.

Specific SMSF auditor requirements when auditing an SMSF that is winding up.

QC45567