SMSF Audit Checklist

Below you will find a checklist that can guide you towards providing sufficient appropriate audit evidence as required by Simply SMSF Audits and all ASIC Registered SMSF Auditors

  • PDF A

    ·         Statement of Financial Position, Operating statement, Notes to the financial statements – all showing prior year comparatives

    ·         Trustees Declaration / Director of Corp Trustee Declaration from the accounts signed (Signed Financials)

    ·         Member statements reporting separately each accumulation and pension interests for each member – incl. preservation & tax components


    PDF C

    ·         Signed Representation Letter (For each year of Audit & must be signed)

    ·         Signed Audit engagement letter (Initial engagements or any return engagements)

    ·         Signed Annual Minutes

     

    PDF D

    ·         Prior year’s audit report (Initial engagements only - in full, signed and dated)

    ·         Prior year’s financial reports

     

    PDF F

    ·         General ledger & Trial balance

    PDF G

    ·         SMSF Annual Return

    PDF L:

    ·         Investment Summary report, Income summary report, Investment Movement report

  • PDF N - Cash at bank / Term deposits

    Bank / Term Deposit statements for full year for all accounts (copies of the original, or online statement print outs clearly showing ownership held in fund name)

    PDF L

    - Listed Shares, Units, Managed Funds & IDPS

    Portfolio reports (showing ownership held in fund name) / Registry holding statements at year end (or HIN Numbers and postcodes to be provided). Audit reports for uncommon IDPS.

    - Closely held Unlisted Trusts / Companies

    o   Financial statements

    o   Share / Unit Certificates issued to the fund

    o   Current Share / Unit Register

    o   Signed trustee / director valuation declaration as at 30 June of each year showing how market value of property was determined.

    o   Current Title search and value of real estate holdings (per above)

    o   Audit report, if applicable

    - Widely held Unlisted Trusts / Companies

    o   A holding report issued to the SMSF / Holding or valuation Declaration from entity

    o   Other supporting evidence as required

    o   Audited financial statements where applicable

    PDF M - Real estate

    Valuation evidence

    o   Real Estate Agent Opinion / Qualified Valuer Opinion / Cotality Valuation report as at or close to 30 June of each year showing how market value was determined (Based on 3 Recent Comparable property sales within 6 months of reporting date)

    o   Fully executed contract of sale & Settlement, trust account receipts in year acquired

    Ownership / Rights / Existence evidence

    o   A title search, produced after each reporting period to show existence / ownership has been asserted at year end. (Automatically obtained by me if not provided).

    o   Fully executed contract of sale & Settlement / acknowledgment of trust showing property held in name of the fund

    PDF O

    - Cryptocurrency

    o   Exchange holding statements

    o   Exchange transaction statements

    o   Tax statements where applicable

    o   Cold storage Wallet address + Trustee Declaration

    - Loans (asset)

    o   Loan agreements (signed and dated)

    o   Loan Schedule for each loan outlining opening balance, interest, repayments and closing balances

    o   Evidence of loan security

    - Collectables and Bullion

    o   Valuation reports

    o   Trustee Declarations as appropriate

    PDF P - Limited Recourse Borrowing Arrangements

    o   Bare Trust Deed (executed)

    o   Borrowing statements for the full year (or borrowing schedules if applicable)

    o   Borrowing agreement (fully executed) / Letter of offer

    PDF Q - Tax

    o   ICA & ITA reports

    o   Tax Payable / Refundable Calculations

    o   Actuarial certificates

    PDF S - Income General

    o   Dividend / distribution / Annual Tax statements (supply registered HIN Number and postcode separately to the statements if applicable)

    o   Lease agreements for all situations & lease appraisals for related party tenants; Rental summary statements for unrelated party tenants; ‘Property is Leased to Unrelated party’ declaration (template provided) where applicable.

    o   Rollover In: Superstream reports (applicable from 1 Oct 2021) & Rollover Benefit Statements (signed and dated)

    o   ITAA97 s290-170 ‘Intent to deduct a personal concessional contribution’ notice

    PDF W - Expenses General

    o   Accounting / Audit Fees

    o   Property related investment expenses (e.g Rates, Commissions)

    o   Managed Investment expense supporting evidence

    o   Life Insurance (showing policy ownership)

    o   Rollover Out: Superstream reports (applicable from 1 Oct 2021) & Rollover Benefit Statements (signed and dated),

    PDF V - Pensions and Lump Sums

    o   Lump Sums docs and workings

    o   Pension Commencement Documents (either if newly commenced or otherwise requested)

    o   Pension Commutation Documents (if commuted in the audit year)

  • PDF X

    - ATO Trustee Declaration – The Requirement is that they are dated and signed at time of trustee appointment from 1.7.2007 onwards. (SISA S104)

    - Investment strategy

    - Any other permanent documentation

    PDF Z - Trust Deed – Original and any deed amendments, signed & dated