Your SMSF Auditor Is More Than a Compliance Check: What Good Audit Support Looks Like

An SMSF audit is an important part of the annual compliance process, but a good audit should be more than simply checking a box.

From an accountant’s perspective, the relationship with an SMSF auditor can have a real impact on how smoothly the annual process runs. A good auditor should provide more than a completed audit report — they should be able to identify potential issues, ask the right questions and communicate clearly when further information is needed.

So, what does good audit support look like?

Clear communication

Good communication is one of the simplest ways to make the audit process more efficient.

When an auditor identifies an issue or requires additional information, the request should be clear about what is needed and why. This makes it easier for accountants to respond quickly and helps avoid unnecessary back-and-forth.

For accountants managing multiple SMSF clients, having an auditor who communicates clearly and promptly can make a significant difference to the overall workflow.

Identifying potential issues early

An audit shouldn't just be about identifying problems after they have occurred.

A good auditor can help bring potential issues to an accountant's attention so they can be considered and addressed where appropriate. This might include questions around related party transactions, investment valuations, documentation or changes in a fund's circumstances.

While the auditor's role is independent, identifying areas that require attention can help accountants and trustees better understand where additional documentation or action may be required.

Understanding the fund's circumstances

Every SMSF is different.

A fund that holds direct property, has related party transactions, uses an LRBA or has recently commenced pensions may require very different supporting documentation from a relatively straightforward fund.

An auditor who takes the time to understand the fund's circumstances can ask more relevant questions and focus their review on the areas that require attention.

Helping accountants understand what is required

Sometimes, the issue isn't that documentation doesn't exist — it's knowing exactly what evidence is required to support a particular transaction or valuation.

Good audit support means being able to explain what is needed and, where appropriate, why it is needed.

For example, if an auditor requires additional evidence to support the market value of an unlisted investment or a related party property lease, clear guidance can help the accountant provide the relevant information without unnecessary delays. 

Independence still matters

Being supportive doesn't mean compromising independence.

An SMSF auditor must remain independent and perform their role objectively. The auditor isn't there to act as the accountant's adviser or to make decisions on behalf of the trustee.

Good audit support works alongside that independence. It means communicating clearly, asking appropriate questions and explaining audit requirements while maintaining the objectivity required of the auditor.

Making the annual audit process smoother

The best audit relationships are often built over time.

When accountants and auditors communicate well, understand each other's expectations and provide complete documentation, the annual audit can become a much more straightforward process.

For accountants, choosing an auditor isn't simply about finding someone to complete the audit. It's worth considering how they communicate, how accessible they are when questions arise and whether they provide clear and practical requests for additional information.