SMSF Services
SMSF Audit Coordination
Every SMSF must be audited annually by an independent, ASIC-registered SMSF auditor before the annual return can be lodged. PHC & Associates coordinates the entire audit process — preparing the fund's records, liaising with the auditor, and managing any compliance findings — so you don't have to navigate it alone.
1000+
Clients Served
CPA
Certified
ASIC Approved
Auditor Network
What's Included
Everything Covered in This Service
Coordination with an independent, ASIC-registered SMSF auditor
Preparation of audit file — financial statements, bank statements, investment records
Trustee representation letter preparation
Response to auditor queries on behalf of trustees
Management of Part A (financial) and Part B (compliance) audit findings
Contravention reporting to ATO if required (ATO Contravention Report)
Rectification advice for any compliance breaches identified
Audit completion confirmation and lodgement clearance
Why It Matters
Why This Matters for Your SMSF
Understanding the stakes helps trustees take their obligations seriously — and get the right support.
Every SMSF Must Be Audited Every Year
The audit is not optional — it is a legal requirement under the SIS Act. A fund that does not complete an audit cannot lodge its annual return, resulting in ATO penalties and a non-compliant fund status.
The Auditor Must Be Independent
Trustees cannot audit their own fund. The auditor must be ASIC-registered and independent of the fund and its members. Using a non-approved auditor renders the audit invalid.
Audit Findings Can Have Serious Consequences
If the auditor identifies a contravention of the SIS Act, they are required to report it to the ATO. Serious or repeated contraventions can result in the fund being made non-complying — losing its tax concessions entirely.
Preparation Determines Audit Outcome
A well-prepared audit file with accurate financial statements, complete investment records, and current trustee documentation results in a clean audit. Poor preparation leads to queries, delays, and potential findings.
Early Rectification Reduces Risk
If a compliance issue is identified before the audit, it can often be rectified voluntarily with reduced ATO penalty exposure. Waiting until the auditor finds it removes that option.