Slide 1
SMSF AUDITS – ASIC Registered SMSF Auditor

SMSF AUDITS are required by the ATO for all self managed super funds.

Slide 2
Self Managed Super Fund (SMSF) Auditor

Eagle SMSF Auditing provide a Self Managed Super Fund auditing service to persons and corporations managing their own super funds, as well as accountants and such persons or organisations?

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Eagle SMSF Auditing

Eagle SMSF Auditing provide a Self Managed Super Fund auditing service to persons and corporations managing their own super funds, as well as accountants and such persons or organisations?SMSF AUDITS are required by the ATO for all self managed super funds.

Auditor Independence

For all audits completed after 1 July 2021, approved Self-managed super fund (SMSF) auditors and tax professionals must comply with the SMSF independence standards that impact in-house audits in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code), which became effective on 1 January 2020.

Where the auditor is prohibited from auditing the SMSF

  • auditor is a trustee or director of a corporate trustee, and/or member of the fund
  • an immediate family member (spouse or equivalent, or dependant) of the auditor is a trustee or director of a corporate trustee, and/or
         member of the fund
  • auditor's firm (or network firm) has assumed management responsibility for the fund
  • auditor, their staff, or their firm (or network firm) has prepared financial statements for the SMSF, unless it is a routine or mechanical service and appropriate       safeguards are applied
  • a partner of the auditor's firm (or network firm) is a trustee or director of a corporate trustee, and/or member of the fund
  • auditor has close business relationship with a trustee or director of a corporate trustee, and/or member of the fund, unless any financial interest is immaterial,       and business relationship is insignificant
  • auditor involved in reciprocal auditing arrangement where two auditors audit each other’s SMSF

  • Where the Auditor must evaluate independence threats

    Independence threats arise in situations where an auditor: • has a close family member (parent, child or sibling who is not an immediate family member) who is a trustee or director of a corporate trustee, and/or member of the fund • where the auditor has a close personal relationship with a trustee or director of a corporate trustee, and/or member of the fund • relies on one or two referral sources for all or large proportion of their SMSF audits and fees • provides advice (financial or investment advice, or taxation advice that goes beyond just preparation of the fund's tax return) to the trustee(s) of the fund being audited • audits an SMSF client in circumstances where either they, their staff or their firm (including network firm) provide other non-assurance services to the fund • enters into a reciprocal auditing arrangement where two auditors (who are also accountants) prepare financial statements for a number of SMSFs and agree to audit each other's clients. `

    Why do we exist?

    In recent years Australia has seen a boom in the number of self managed super funds and with good reason. A self managed super fund can provide a great deal of flexibility with your retirement investments as well as decreasing your tax liabilities, far more than large organisation managed super funds can.

    The Australian government requires self managed super funds to be audited by a qualified accountant who can ensure the fund is being properly managed in accordance with Australian laws. An SMSF auditor must be independent from the accountant providing accounting to the person or organisation who owns or manages the self managed super fund.

    Who do we Service

    Eagle SMSF Auditing was set up to provide this super fund auditing service and now provides not only to Brisbane persons, companies and accountants but entities all over Australia.We provide an efficient, cost-effective and speedy SMSF auditing service that will ensure that your self managed super fund is meeting its auditing requirements.

    SMSF Accountants

    For all audits completed after 1 July 2021, approved Self-managed super fund (SMSF) auditors and tax professionals must comply with the SMSF independence standards that impact in-house audits in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code), which became effective on 1 January 2020

    SMSF Audit

    We offer audits to accountants and individual SMSF funds where the financials are prepared by the members, offer auditing services that are independent and a quick turn around service.

    SMSF Advice

    If you need SMSF advice prior to lodging your records for audit we will discuss prior to ensure you understand your compliance requirements. We will not advice on your investments in the fund however we will discuss and explain the rules in relation to your operation of the your SMSF Fund.

    SMSF AUDIT

    April 2012 heralded the launch of Eagle SMSF Audit Brisbane with the sole purpose of providing cut-price, fast turnaround, online auditing services of self managed super funds. I am a ASIC registered Self Managed Super Fund Auditor – registration number 100169051. All self managed super funds must have a smsf audit every year.

    The past six years has seen an explosion in the number of persons managing their own superannuation funds and with good reason. Volatility in the stock market has seen the company managed superannuation funds take a white knuckle ride up initially high growth followed by large falls. 

     

    Structure and Purpose

    The type of trustee chosen governs the main role of a SMSF, which is a separate entity structure. If the rules that it runs by dictate that a Corporate Trustee is needed, it then becomes detrimental that a members’ pension be the reason for preserving and managing funds.

    Compliance with Australian Legislation

    n order to keep the SMSF compliant with ATO (Australian Taxation Office), a trustee may enlist the help of administrators, financial planning advisers and accountants.Every member of a SMSF is required to be a trustee of the fund, and there can be no more than 4 members.

    Our Role as SMSF AUditors

    The reason we are here as SMSF auditors, is to lend you a listening ear whilst keeping our level of independence a professional one. Some firms will provide an ‘all in one’ service, including administration, taxation, and auditing.

    OUR EXPERT ADVISOR

    The advantages of having a SMSF

    • A SMSF allows you to reduce income tax on income you receive from investments, and capital gains
    • A SMSF gives an increased range of ways for you to invest and select assets
    • A SMSF is a way of you taking control when it comes to your portfolio of investments. They provide you with the means to assess the risk profile of your assets – this stretches even to those which you may hold out of superannuation
    • A SMSF is a way of you collaborating your resources with others who have the same fiscal targets – there are between 1 and 4 fund members
    • A SMSF allows you to use your pension stream with the highest level of flexibility
    • A SMSF give you a way to push up your options when it comes to using the benefits provided by superannuation to people wishing to tap into Centrelink benefits like the age pension
    • A SMSF allows you to directly move your personal shares and listed assets into superannuation
    • A SMSF will allow you to take ownership of the real property in 

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