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Auditor compliance

Our compliance approach is designed to support approved SMSF auditors and identify and deal with high-risk auditors.

Last updated 14 March 2021

We work closely with ASIC to support and regulate approved self-managed super fund (SMSF) auditors.

Our compliance approach is designed to support SMSF auditors and identify and deal with high-risk SMSF auditors. It incorporates four key elements:

  1. Web guidance and news articles to help SMSF auditors understand and comply with their professional and reporting obligations and the super laws, including the independence requirements in the APES 110 Code of Ethics for Professional Accountants (including Independence standards) (2018) – effective 1 January 2020External Link.
  2. Specialist support products such as Online services for business and the SMSF Auditors' Professional to Professional service.
  3. Targeted information and advice for SMSF auditors through mailouts, where our data indicates areas of concern.
  4. Audits and reviews of SMSF auditors where our data or intelligence indicates there may be some concerns with their compliance and behaviour.

See also:

Issues of concern

Issues we find when reviewing the performance of approved SMSF auditors.

Verifying the market value of fund assets

SMSF auditors are responsible for obtaining sufficient audit evidence to support the market value of assets in an SMSF.

Audit evidence for downsizer contributions

As part of the annual audit, SMSF auditors must check for certain evidence if a member made a downsizer contribution.

Penalties

Penalties may be imposed on SMSF auditors if they contravene the SISA.

What you can expect in an audit or review

We undertake audits and reviews of SMSF auditors where we have information indicating there are matters of concern.

QC45573