The final step in the audit process is to form an opinion and prepare the audit report. Once this is done, the audit results must then be communicated.

This Module examines the multiple facets of SMSF auditor reporting:

Reporting to whom?

The SMSF auditor must report to both fund trustees and the ATO as regulator. Reporting to each is a separate obligation and must be understood to ensure auditors discharge their duty to the regulator and provide the trustees with a timely and informative report.

Reporting on what?

The SMSF auditor conducts two engagements side by side. They must form an opinion regarding both the financial statements (Part A) and the fund’s compliance (Part B). The auditor must then express their opinion appropriately. This Module explores the requirements set out in the auditing standards together with ATO’s reporting criteria.