Auditors are required to be independent; meaning they shouldn’t audit a fund that they hold any financial interest in, or where they have a close personal or business relationship with the members or trustees.

Before the auditor can begin the audit, you, or your professional advisor, must provide them with the relevant documentation about your accounts and transactions for the previous financial year. If your auditor requests more information, provide it to them within 14 days of their written request.

Your auditor must:

• provide you with the audit report
• advise you of any breaches of the rules
• report certain contraventions to the ATO.

Remember, the audit must be completed before lodging your SAR, as you'll need information from the audit report to complete the SAR. Ensure the correct auditor details are recorded, otherwise penalties may apply.

An audit is required even if no contributions or payments are made in the financial year.