One of the basic responsibilities of a Self Managed Super Fund setup (SMSF setup) is to ensure that they find a good auditor and all relevant accounts to be audited independently every year. Australian government and Australian tax office (ATO) has made it compulsory for all SMSF setups to provide safety for the retired employees. Huge penalties could be incurred if proper audit is not done.

Finding a good professional who is good at SMSF audit is very crucial as the audit cannot be done by you. A licensed financial or tax practitioner who is registered with Australian Securities and Investment Commission (ASIC) should be chosen. ASIC official search function can be used to search for the auditor as they have strict rules for registering a SMSF Auditor.

Your audit can be invalid if the audit is conducted by a disqualified, banned auditor or anyone who has not registered themselves. If the audit is invalid, then you could face huge penalties. Any wrong doings or dodgy numbers should not be hidden by or from the auditors as there are huge chances of being caught. The auditor cannot be a friend, a family member or an accountant or financial adviser of the SMSF handling daily accounts and investments.

The ATO has a set of strict rules for dealing with SMSF setup as they feel it is the hard earned money of the retired employees. Safe guarding the senior citizen’s investments would help them to invest more and enjoy their remaining life to full extent.

Source: https://smsf-setup..com/2019/02/basic-features-of-firm-performing-smsf.html