As per the ATO’s guidelines, there are several key steps involved in an SMSF audit – useful information for anyone looking to add this service to their business through Evolv Black.
- Trustees of a fund must appoint an auditor at least 45 days before their annual return is due.
- The trustees must also provide any and all information the auditor needs to conduct their work and respond to requests from the auditor for such information within 14 days.
- Auditors conduct both a financial and a compliance audit of the fund.
- Auditors return the NAT 11466 form, filled out and approved, to trustees within 28 days of receiving all relevant information.
- Trustees can file their annual return, containing the audit information.