Kingston & Knight Audit provide you with SMSF auditor Melbourne services that satisfy the yearly financial statement audit and compliance audit requirements of your self-managed super fund (SMSF). Superannuation management is vital to a comfortable and secure retirement, and for those who choose to manage their own super as opposed to using a large corporate fund, the personal satisfaction and potential for significantly better returns are balanced by additional responsibilities. To manage your own superannuation, you are required to set up a designated fund (an SMSF) in accordance with the relevant legislation and regulations. Your SMSF is regarded as an independent entity that is regulated by tax office, who require special-purpose financial reports to be submitted on a yearly basis. SMSF trustees must appoint an approved SMSF auditor to conduct a compliance audit and financial statement audit each year.
To improve confidence in self-managed super and enhance the integrity of self-managed funds, SMSF auditors must be registered with the Australian Securities and Investments Commission (ASIC), and meet the prescribed standards for competence to conduct SMSF audits. Kingston & Knight Audit are an ASIC-approved firm and SMSF auditor Melbourne that you can rely on for your annual self-managed super fund audit requirements.
Your SMSF is governed by the Superannuation Industry (Supervision) legislation, including the SIS Act 1993 and SIS Regulations 1994. The Act and Regulations require all super funds to be subject to an annual audit of the financial report and compliance audit. This requirement also affects self-managed super funds, whose trustees are responsible for appointing an approved SMSF auditor and lodging an SMSF audit report and annual return to the ATO.
The audit process involves extensive planning and assessment on behalf of the appointed SMSF auditor. Details of the audit process will differ depending on the size and status of the SMSF under audit, including how long it has operated, trustee finances and size of investments contained in the fund.
The SMSF audit process as summarised above comprises two main parts and the provision of an audit report:
A free telephone consultation with Kingston & Knight Audit is available to determine the details of the SMSF audit process as it applies to your fund.
Strict auditing standards apply to SMSF audits, as well as competency requirements affecting eligibility for registration as an approved SMSF auditor. These standards and requirements are designed to improve the integrity of your SMSF by ensuring its compliance with regulations and best-practice accounting procedures. ASIC publishes a list of approved SMSF auditors which includes Kingston & Knight Audit. Approved auditors operate in accordance with the Australian Auditing Standards as well as the competency requirements set out by professional accounting bodies and regulators.
In meeting these requirements, Kingston & Knight Audit has demonstrated competency in:
This competency is assessed in terms of the Australian Auditing Standards which set out the auditor’s responsibilities when appointed to conduct a financial audit and provide an auditor’s report that matches content and form requirements set out in The Standards.
In-line with the standards, Kingston & Knight Audit will provide an engagement letter to the client following our appointment to conduct an SMSF audit, informing them of our obligation to act in accordance with auditing standards and stated best-practice for audit procedures. This engagement letter clearly sets out the responsibilities of Kingston & Knight Audit in conducting and reporting the self-managed super fund audit in relation to auditing standards and practices.
Kingston & Knight Audit is an ASIC-approved SMSF auditor in Melbourne. We complete your yearly SMSF audit, including both a financial statement audit and compliance audit, in accordance with your designated timeframe and lodgement date for the SMSF annual return. All Kingston & Knight Audit services are conducted in accordance with the Australian Auditing Standards, Australian Standards on Assurance Engagements, and the code of best-practice set by peak bodies and regulators. Learn more about our SMSF audit services by obtaining your free telephone consultation with a Kingston & Knight SMSF auditor Melbourne by contacting us on 1800 283 471 or via email at email@example.com.