You must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return. The auditor examines your fund’s financial statements and assesses your fund’s compliance with super law.
Your SMSF auditor must be:
An audit is required even if no contributions or payments are made in the financial year.
Before an SMSF auditor can start an audit, you or your professional adviser need to give them information about your accounts and transactions for the previous financial year. Any additional information requested by your SMSF auditor, in writing must be provided within 14 days.
Your auditor should advise you of any breaches of the rules. You, as trustee, should rectify any contravention as soon as possible.
Your auditor is also required to report certain contraventions to us. Even if you terminated an auditor engagement or the auditor does not finish the audit, if they have identified a reportable contravention, their obligation to report to us remains.
For more information click here for the Australian Taxation Office web portal