SMSF Audit Checklist

Minimal impact on your office through clear SMSF Audit Information Checklist and streamlined secure file upload system

SMSF Audit Information requirements

At DIYSuperAudit we aim to provide a streamlined SMSF audit process which involves minimal disruption to you and your office. We therefore aim to avoid repeated information requests and queries. Accordingly, when you engage DIYSuperAudit to undertake SMSF audits we provide a clear SMSF Audit Information Checklist which sets out all the information we are likely to require. We also provide you with a link to our secure file upload site so you can quickly and easily upload the necessary documents – normally in PDF format, but our system accepts most common file formats. Importantly, our system accepts very large files so you are not battling bouncing & rejected emails. Whilst most of our clients find the electronic file upload system the fastest way to submit information you can mail paper copies of your SMSF audit documents to our office. The information we typically require is outlined below. We only request additional information or clarifications where necessary:

 

First year of DIYSuperAudit engagement only

1.1          Copy of current Trust Deed or any amendments during period

1.2          Prior year signed and audited financial report

1.3          Prior year management letters (if applicable)

1.4          Copy of ATO correspondence including confirmation that fund is a regulated fund

1.5          Details of all Trustees/Trustee Company Directors including DOB

1.6          Copy of consent to act as trustee documents (First audit or if new trustee is appointed during the period)

1.7          Copy of fund member application forms (First audit or if new members join during the period)

 

General Compliance Requirements

2.1          Signed Letter of Engagement (Template provided)

2.2          Signed Trustees Representation Letter (Template provided)

2.3          Copy of latest ASIC annual company statement (Corporate Trustee only)

2.4          Signed Investment Strategy

2.5          Signed Trustee minutes for year

2.6          Income tax/SMSF Annual return

2.7          Documents to support contributions (employer and/or member) received for period (e.g. Employer remittance advices, fund trustee minutes)

2.8          Copies of any rollover documentation (if applicable)

 

Financial Records

General comment : DIYSuperAudit will require documents to support existence and value of assets at end of period (e.g. Share registry listings, managed fund reports, wrap account reports, non-listed   unit trust accounts, property and asset valuations). Specific requirements for selected asset classes are detailed below                         

3.10        Year end financial statements including annual members statements

3.11        Copy of accounting workpapers and transaction reports for the period eg general ledger, cashbook, reconciliations etc

                Cash and equivalent

3.21        Bank statements for the year

3.22        Statements confirming details and movements of Term deposits, fixed interest securities or similar

                Listed shares

3.31        HIN/SRN or Chess Statements

3.32        Broker statements showing share purchases/sales

3.33        Dividend statements for all shareholdings

                Unlisted shares

3.41        Unit or share certificates

3.42        Year end financial statements for each company or trust

3.43        Dividend/distribution statements

                Managed funds

3.51        Acquisition/withdrawal documentation

3.52        Annual manager statements confirming ownership and value

3.53        Distribution statements

                Property

3.61        Copy of rates notice showing Lot and Plan number

3.62        Certificate of Title

3.63        Details of method used to value property (Annual valuation required if in pension mode)

3.64        Rental agreements and statements

3.65        Building insurance policy

3.66        Loans (if applicable) – signed loan agreement and details of any relationship to Trustees

            Other assets eg collectables

3.71        Purchase and sale agreements

3.72        Details of storage, security and insurance

3.73        Lease agreements

            Expenses

3.81        Supporting reconciliations/schedules

3.82        Invoices/statements supporting reconciliations & schedules

3.83        Copies of Insurance policy documents confirming owner, life insured, cover and premiums

 

            Pension payments (if applicable)

4.1          Copy of pension request form member to Trustee and acceptance by Trustee

•             Signed confirmation of Benefits

•             Minutes (Change to account based pension)

4.2          Work papers calculating benefits

4.3          PAYG payment summaries for pensions paid

4.4          Rollover statements for any monies rolled out of fund

4.5          Documentation confirming member condition of release

DIYSuperAudit : Self Managed Super Audit Specialists : SMSF Audits : TOLL FREE 1300 733 159