Audit Checklist

The main components of the Audit file required for a Financial Report Audit are:

• Signed Audit Engagement Letter by the Trustees
• Signed Trustee Representation Letter
• Financial Report – includes a Balance Sheet, Income Statement , General Ledger, Trial Balance , Investment Summary Report, Detailed Investments Income Report and Member Statements
• Completed Annual Tax Return
• Supporting Documents for all items in the Financial Reports;
  • Bank statements for the year
  • Dividend statements for all shareholdings
  • Unit or share certificates
  • Broker statements detailing share purchases and sales, and shares held at year end
  • Annual tax Statements for all trusts.
  • Details of property including titles, rates notices, rental agreements and building insurance policies
  • Details of other assets including purchase and sale agreements
  • Loan Agreements
  • Invoices for all expenses
  • Copies of Insurance policy documents confirming owner life insured, cover and premiums.
  • Copy of Pension request form member to Trustee and acceptance by Trustee
  • PAYG payment Summaries for pension paid.
  • ATO Integrated client account and other Reports
  • Actuarial Certificate if applicable

The main components of the Audit file required for a Compliance Audit Report are:

• Permanent files for the SMSF

• Copy of signed Trust Deed
  • Copy of signed Minutes of Meetings
  • Copy of signed Investment Strategy
  • Copy of signed Consent to act as Trustee and Member Applications
  • Copy of signed Trustee Declaration, only applicable for SMSFs that were set up after 1 July 2007
  • ASIC Annual Return if the SMSF has a company acting as the
    Trustee of the Fund