Category Archives: auditing standards

The cost of a SMSF Audit

There is much discussion about the cost of auditing a self managed super fund.

We should be looking at the cost of the audit not being done to the highest professional standard.

If the audit is not done in accordance with auditing and accounting professional standards and the guidelines set out in GS009, the cost could be very high. The Trustee of the super fund may not understand what needs to be done in the audit process. They may be very happy at first that the accountant has managed to have the audit completed for a minimal fee. However, the Trustee is unlikely to be pleased when the ATO audits the super fund and finds breaches that could have easily been rectified at the time of the breach.

At risk then, is the auditor, the Trustee and the relationship between the accountant and the Trustee. Is it worth it?