Welcome & Introduction

Peter Burgess, CEO, SMSF Association

The Reform-Ready SMSF Audit

Shirley Schaefer, Director, BDO 

The SMSF audit landscape is changing, and the implications extend well beyond legislative updates. Division 296, new LRBA restrictions, evolving total super balance rules and increasing scrutiny around valuations are reshaping the evidence auditors need, the questions they ask and the judgements they make. At the same time, both the ATO and ASIC remain active in this space, increasing the importance of robust audit processes and documentation.

This session will identify where audit risk is shifting, what trustees and SMSF professionals may overlook, and the steps auditors should take now to strengthen audit files for the reforms already underway and the issues likely to emerge over the coming audit cycles.

 In-Specie Contributions and Value Shifting: Audit Risks

Naomi Kewley, Managing Director, Peak Super Audits

In-specie contributions can appear straightforward, but the interaction between contribution rules, market value requirements and the NALE/NALI provisions can quickly create significant compliance and audit risks. Recent updates to TR 2010/1 and LCR 2021/2 have added further complexity, particularly where assets are transferred at an incorrect value or where a fund obtains a benefit that is not on arm’s length terms.

Through a series of practical scenarios, this session will unpack the issues auditors and SMSF professionals need to recognise, including when value shifting may occur, how contribution amounts should be determined and where unexpected NALI consequences can arise. Expect common traps, emerging risk areas and a few outcomes that may challenge established assumptions.

Digital Assets: Ownership, Control and Evidence

Peter Christo, Director/Founder, Digital Asset Compliance Solutions Pty Ltd

Digital assets are no longer limited to cryptocurrencies held on exchanges. SMSFs are increasingly investing in staking arrangements, tokenised assets, stablecoins and other digital structures that challenge traditional approaches to audit evidence, ownership and valuation. At the same time, the Digital Assets Framework - legislated in 2025 and commencing in April 2027 - together with a pending High Court decision, will reshape how auditors assess controls and substantiate digital asset holdings, giving auditors a window to prepare their files now.

This session examines the evolving audit risks associated with digital assets, focusing on the evidence auditors need, where conventional audit procedures fall short, and how to build defensible audit files in an increasingly complex environment. Through practical examples, attendees will gain greater confidence in auditing one of the fastest-evolving asset classes in the SMSF sector.

Benefit Payments: Audit Red Flags

Shelley Banton, Director, Super Clarity

Accessing super benefits should be straightforward, yet it remains one of the most common areas where SMSF trustees get it wrong. Whether it is misunderstanding a condition of release, incorrectly commencing a pension or failing to meet the minimum pension standards, the consequences can be significant for trustees and SMSF professionals alike.

This session explores the benefit payment issues auditors encounter most often, the evidence needed to support a valid condition of release, and the audit implications where that evidence is missing or benefits have been paid incorrectly. Through practical examples, attendees will gain a clearer understanding of when further enquiries are required and when contraventions may arise.

Death, Incapacity and the SMSF Audit

David Burrows, Director, Assurify SMSF Pty Ltd

Death or incapacity can fundamentally change who controls an SMSF at the very time authority, governance and audit evidence are least clear. Trustee and director succession, legal personal representatives, enduring powers of attorney and death benefit decisions can all create complex audit issues, particularly where records are incomplete, delayed or disputed.

This session examines the evidence auditors should expect before accepting who was authorised to act, the documents that matter most, and the audit implications when governance or benefit payment processes break down. Through practical scenarios, attendees will explore when further enquiries are required, when legal clarification may be necessary, and when issues may lead to a modified audit opinion or Auditor Contravention Report.

SMSF Forensics: When Audits Become Investigations

David Saul, CEO & Managing Director, Saul SMSF

Most SMSF audits involve well-managed funds where the auditor's role is to independently assess compliance and report appropriately. But not every SMSF fits that mould.

Some funds present an entirely different challenge - breakdowns in trustee relationships, allegations of fraud, unlawful early access to superannuation, missing records, complex related-party dealings, deceased members, litigation, regulatory investigations or deliberate attempts to conceal the true position of the fund. These engagements demand far more than a conventional audit approach.

This session explores the emerging discipline of SMSF Forensic Auditing - where the auditor must move beyond a standard compliance mindset and adopt a structured investigative approach while remaining independent and compliant with the auditing standards.

Drawing on practical experience, David Saul will examine the types of matters that can transform a routine SMSF audit into a forensic engagement, the heightened audit risks involved, and the practical steps auditors can take to protect themselves while safeguarding trustees and the integrity of Australia's SMSF system.

The session is designed to challenge traditional thinking about SMSF audits and encourage auditors to recognise when an engagement has moved beyond "complex" into "forensic".

Closing Notes

Scott Hay-Bartlem, Chair, SMSF Association