Suzy and Kev are trustees of their SMSF.

Each year they must appoint an independent SMSF auditor to audit their fund.

An SMSF auditor will check that their fund complies with super law and that its financial statements are correct.

Suzy and Kev have a family member who is an auditor and are keen to use this family member to do their fund’s audit. What should they do next? (Select all that apply)

Suzy and Kev have appointed Ash as their approved independent SMSF auditor. Ash is registered with the Australian Securities and Investment Commission (ASIC) as an approved SMSF auditor and listed on their website.

What should Suzy and Kev expect when they engage Ash as their auditor?

Ash needs sufficient information to audit the fund properly. Suzy and Kev give Ash signed copies of their fund's financial statements and other SMSF documents. If Ash requests more information, Suzy and Kev must provide it within what period of time?

Once the audit is completed, Ash gives Suzy and Kev an independent auditor's report. If any issues were found, Ash would qualify the audit report and then work with Suzy and Kev to understand the issues and explain what they should do.

Kev and Suzy heard that some breaches must be reported to the ATO by the auditor even if they have already fixed the problem. Do you think this is true or false?