Choosing an SMSF Auditor: 5 Questions Accountants Should Ask
Choosing the right SMSF auditor is an important decision for accountants. While the auditor’s role is independent of the accountant and fund trustee, a reliable auditor can make the annual compliance process smoother and help identify potential issues before they become bigger problems.
Before engaging an SMSF auditor, here are five questions accountants should ask.
1. Are you ASIC-registered and appropriately qualified?
SMSF auditors must be registered with ASIC to audit SMSFs. Accountants should confirm the auditor’s registration and ensure they have the appropriate experience and qualifications to perform SMSF audits.
It’s also worth checking whether the auditor keeps their knowledge up to date as SMSF legislation and regulatory requirements change.
2. How experienced are you with SMSF audits?
Not all SMSF audits are the same. Ask how many SMSFs the auditor audits each year and whether they have experience with more complex arrangements, such as property investments, related-party transactions, limited recourse borrowing arrangements or cryptocurrency.
An experienced SMSF auditor is more likely to recognise potential compliance issues from the start.
3. What documents will you need from us?
A good auditor should be able to clearly explain their documentation requirements upfront. Ask for a checklist or outline of the information they will need, including financial statements, investment valuations, bank statements, property documents and evidence supporting transactions.
Clear requirements can help accountants avoid unnecessary back-and-forth and reduce delays during the audit process.
4. How do you handle potential compliance issues?
It’s important to understand how an auditor approaches issues they identify during an audit. Will they communicate concerns promptly? Will they explain what documentation or evidence is required? And how will they distinguish between an administrative issue and a potential contravention?
A strong auditor should provide clear, practical communication while maintaining their independence.
5. What is your turnaround time and communication process?
Deadlines matter, particularly around tax and SMSF lodgement dates. Ask about the auditor’s typical turnaround time, how documents should be submitted and who to contact if questions arise.
An auditor who is responsive and organised can make the annual audit process considerably easier for the accounting practice.
The right auditor can make a big difference
Choosing an SMSF auditor shouldn’t simply come down to price. Registration, experience, communication, documentation requirements and turnaround times can all have a significant impact on the audit process.
For accountants, finding an experienced and reliable SMSF auditor can mean fewer delays, clearer communication and greater confidence that potential issues are being appropriately identified and addressed.
If you're looking for an experienced and reliable SMSF auditor with more than three decades of experience, get in touch with our team today. We’re here to make the SMSF audit process as straightforward and seamless as possible for you and your clients.