Resources
Free SMSF audit resources
A full set of SMSF audit working papers, templates, how-to guides and reference material. Free to download, no signup and no paywall. The same structure Cora follows when it runs an audit.
How-to guides for auditors
Practical, standards-referenced guides for approved SMSF auditors and their staff.
- How to plan an SMSF audit and assess risk A practical guide to planning an SMSF audit from engagement acceptance through to a documented risk response. Download
- How to set materiality for an SMSF audit How to choose a benchmark, apply judgement and set materiality for the financial audit. Download
- How to document working papers to the ASA 230 standard How to prepare audit working papers that meet the experienced auditor test in ASA 230. Download
- How to assess and document independence under APES 110 How to apply the conceptual framework and document auditor independence for each engagement. Download
- How to build and maintain an ASQM 1 quality management system A proportionate, risk-based quality management system for a sole practitioner or small SMSF audit practice. Download
- How to obtain sufficient valuation evidence by asset class How to meet the market value requirement under r8.02B with supportable evidence for each asset type. Download
- How to audit real property and related party leases How to test ownership, market value and the related party rules for residential and commercial property. Download
- How to audit LRBAs and apply the PCG 2016/5 safe harbour How to test the structure, single acquirable asset and related party loan terms of a limited recourse borrowing arrangement. Download
- How to audit cryptocurrency holdings How to test the ownership, separation, existence and valuation of cryptocurrency and other digital assets. Download
- How to audit collectables and personal use assets How to test the storage, use, insurance and sale rules for collectables and personal use assets under r13.18AA. Download
- How to audit unlisted trusts and the r13.22B and r13.22C exemptions How to test valuation, related party status and the non-geared entity conditions for unlisted trusts and companies. Download
- How to test the in-house asset rules How to identify in-house assets, calculate the 5 per cent limit and apply the exemptions. Download
- How to apply the sole purpose test How to identify present-day benefits and confirm the fund is maintained for permitted purposes. Download
- How to audit related party transactions and arm's length dealing How to test acquisitions, loans, in-house assets and arm's length terms across related party dealings. Download
- How to audit contributions and contribution caps How to test the acceptance standards and recording of contributions, with the current caps as context. Download
- How to audit pensions and minimum payment standards How to test minimum drawdowns, commencement, commutation and reporting for pensions and income streams. Download
- How to identify NALI and NALE How to identify non-arm's-length income and expenditure and apply the general expense cap. Download
- How to apply the seven ACR reporting tests and lodge an ACR How to decide whether a contravention is reportable and lodge an auditor contravention report. Download
- How to qualify an audit report, and when to modify Part A versus Part B How to choose the type of modification and decide which opinion a matter affects. Download
- How to write an effective management letter How to communicate audit matters to trustees clearly and create a record of what you raised. Download
- How to prepare audits for Division 296, the $3m super tax What the additional tax on large superannuation balances means for the audit and for year-end values. Download
- How to audit a first-year fund, legacy pensions and wind-ups How to handle establishment evidence, legacy pension commutations and the final audit of a fund being wound up. Download
- How to handle ECPI and actuarial certificates The segregated and proportionate methods for exempt current pension income and when an actuarial certificate is required. Download
- How to report transfer balance account events (TBAR) What to report through the transfer balance account report, the quarterly timing and the tighter deadlines. Download
Templates and working papers
A complete working-paper set, organised the way an audit runs, from engagement to finalisation.
Engagement and acceptance
- New fund acceptance and continuance checklist A checklist to assess engagement acceptance before taking on a new or recurring SMSF audit. Download
- SMSF audit engagement letter A terms of engagement letter addressed to the trustees of the fund. Download
- Independence declaration and threats and safeguards working paper A working paper to assess auditor independence under the code of ethics using the conceptual framework. Download
- Trust deed review checklist A checklist to confirm the governing rules support the year's transactions and arrangements. Download
- Permanent file index An index of the documents carried forward between audit years. Download
- Audit planning memorandum and risk assessment A planning memorandum to record materiality, risk and the planned approach for the financial audit. Download
Planning and risk
- Materiality assessment worksheet A worksheet to set materiality for the financial audit at the planning stage. Download
- Fraud risk assessment working paper A working paper to record the consideration of fraud required by the auditing standard. Download
- Understanding the fund working paper A working paper to record your knowledge of the fund and its environment for the risk assessment. Download
Part A, financial audit working papers
- Part A financial audit program and lead schedule A master lead schedule that controls the financial audit and links each balance to its working paper. Download
- Cash and term deposits working paper A working paper to verify the existence, ownership and accuracy of cash and term deposits. Download
- Listed securities and managed funds working paper A working paper to verify the existence, ownership and market value of listed investments. Download
- Real property working paper A working paper to verify ownership, market value and related party leasing of property. Download
- Unlisted investments and related unit trusts working paper A working paper to verify ownership, valuation and the exemption conditions for unlisted entities. Download
- LRBA and safe harbour working paper A working paper to test the structure and safe harbour terms of a limited recourse borrowing arrangement. Download
- Cryptocurrency working paper A working paper to test the separation, existence and valuation of digital assets. Download
- Collectables and personal use assets working paper A working paper to test the storage, insurance, use and valuation of collectables and personal use assets. Download
- Contributions working paper A working paper to test the acceptance, caps and recording of contributions. Download
- Benefit payments and pensions working paper A working paper to test conditions of release and the minimum pension payment standards. Download
- Member balances and transfer balance cap working paper A working paper to test the allocation of earnings and verify member account balances. Download
- Income, expenses and ECPI working paper A working paper to test the completeness of income, validity of expenses and the exempt current pension income claim. Download
Part B, compliance audit
- Part B compliance audit program A program to test and conclude on compliance with the SIS Act and SIS Regulations. Download
- In-house asset calculation worksheet A worksheet to calculate in-house assets against the 5 per cent limit at acquisition and at 30 June. Download
- Investment strategy compliance checklist A checklist to test compliance with the investment strategy requirement under r4.09. Download
- Sole purpose test assessment An assessment to test that the fund is maintained for permitted purposes under s62. Download
Completion and reporting
- Trustee representation letter A written representations letter for the trustees to sign on the fund letterhead. Download
- Management letter A letter to communicate audit deficiencies, observations and recommendations to the trustees. Download
- ACR decision tree and working paper A working paper that applies the seven reporting tests to decide whether a contravention is reportable. Download
- Independent auditor's report preparation shell A preparation and review shell for completing the regulator's approved-form auditor's report. Download
- Audit completion and finalisation checklist A checklist to confirm the file supports the opinions before the report is signed. Download
- Engagement quality review checklist A checklist for an independent review of significant judgements before sign-off. Download
Investment strategy
Checklists
Document request and review checklists to run a clean handover.
Reference
Rates, thresholds and key dates, refreshed each year.
These resources are general information for Australian SMSF auditors and trustees, not advice on any specific fund. The superannuation legislation and the applicable auditing and ethical standards govern in each case.