What is an ASIC-registered SMSF auditor?

An ASIC-registered SMSF auditor is a qualified professional licensed by the Australian Securities and Investments Commission (ASIC) to audit self-managed super funds. Every SMSF in Australia must be audited each year by an ASIC-registered auditor, who reviews the fund's financial statements and compliance with superannuation law and then issues an audit report to the ATO.

What does '100% independent' mean for my audit?

The auditor who reviews your fund is a third party who is 100% independent of easySMSF — they do not work for us, are not employed by us, and have no financial or personal interest in the outcome of the audit. This separation removes any conflict of interest: the same people who prepare your accounts never sign off on them.

Why does independence matter for my SMSF audit?

Independence is an ATO and ASIC requirement designed to protect members. An auditor who is separate from the fund's administrator provides an objective, unbiased review of your financial statements and compliance — so you can rely on the result, and so the ATO accepts the audit without question.

When does the annual audit happen?

The audit is carried out once a year, after your financial statements and SMSF Annual Return are prepared. For most funds the financial year ends 30 June, so the audit typically runs between July and the ATO lodgement deadline in the following May. We'll contact you through the trustee portal when your accounts are ready for review.

Is the audit included in my monthly fee?

Yes. The annual independent audit is bundled into the fixed monthly administration fee of $139/month, along with the annual accounts, tax return and lodgements. There is no separate audit invoice and no percentage-based charge on your balance.

What does the auditor actually check?

The auditor performs two parts: a financial audit, confirming the statements accurately reflect the fund's transactions, assets and member balances; and a compliance audit, checking the fund has met its obligations under the Superannuation Industry (Supervision) Act — including the sole purpose test, investment restrictions, contribution caps and pension rules. The auditor then issues the independent audit report that accompanies the Annual Return.

What happens if the auditor finds an issue?

If the auditor identifies a breach or qualification, they'll explain the finding and, where possible, we'll work with you and the auditor to rectify it before lodgement. Serious or unrectified matters must be reported to the ATO on the audit report — that's a regulatory requirement, not a discretionary one. Transparency throughout is part of the service.

How long does the audit take?

For a straightforward fund with complete records, the audit is usually completed within 2–4 weeks of the accounts being finalised. Funds with complex transactions — such as LRBAs, related-party dealings or in-specie transfers — may take longer. We'll give you a realistic timeframe once your accounts are ready.

Annual audit & accounts

Your annual SMSF audit, explained

By easySMSF, SMSF Specialist Team · Updated 24 August 2026

Every SMSF must be audited each year by an ASIC-registered auditor. Here's how the process works, the timelines, and exactly what's bundled into your fixed monthly fee — including a 100% independent third-party audit.

100% independent — by design

The auditor who reviews your fund is a third party who is 100% independent of easySMSF. They are not employed by us, have no financial interest in the outcome, and never prepare the accounts they audit. That separation is an ATO and ASIC requirement — and it's the foundation of a credible audit.

How the audit process works

Four clear steps, from records in to ATO lodgement — all handled as part of your monthly fee.

STEP 01
Records in
You upload bank, broker and transaction records to the trustee portal, or link your accounts so we can reconcile year-end balances automatically.
STEP 02
Accounts prepared
We prepare the statement of financial position, operating statement and member balances to ATO standards, and send them to you for review via the portal.
STEP 03
Independent audit
The complete file goes to a 3rd-party ASIC-registered SMSF auditor who is 100% independent of easySMSF. They perform the financial and compliance audit.
STEP 04
Audit report & lodgement
Once the auditor issues the report, we finalise the SMSF Annual Return and lodge it with the ATO on your behalf — all within your monthly fee.

The annual timeline

A typical fund on a 30 June financial year follows this rhythm. We'll keep you updated at each stage through the trustee portal.

Jul – Sep

Records collected

Bank, broker and transaction records uploaded and reconciled.

Oct – Feb

Accounts drafted

Statements prepared and sent to trustees for review via the portal.

Mar – Apr

Independent audit

3rd-party ASIC-registered auditor reviews the fund and issues the audit report.

By May

Lodgement

SMSF Annual Return lodged with the ATO before the regulatory deadline.

What's included in the fixed fee

Everything below is bundled into your monthly administration fee of $139/month. No separate audit invoice, no percentage-of-balance charges.

Annual financial statements

Statement of financial position, operating statement and member balances prepared to ATO standards.

SMSF Annual Return

Combined income tax and regulatory return lodged with the ATO, including all member contribution and pension reporting.

Independent audit

Mandatory annual audit by an ASIC-registered SMSF auditor — bundled into the monthly fee, never billed separately.

Compliance review

Sole purpose test, investment restrictions, contribution caps and pension rules checked before lodgement.

Trustee portal & e-signing

Secure portal to review, query and electronically sign the annual accounts and return.

ATO correspondence

We handle ATO letters and notices on behalf of the trustees as your appointed agent.

Member statements, contribution and pension reconciliations
BAS preparation and lodgement (where the fund is GST-registered)
Actuarial certificate for funds with both accumulation and pension members
TBAR (Transfer Balance Account Reporting) events lodged on time
ASIC annual review handling for corporate trustees (ASIC fee at cost)

Frequently asked questions

SMSF management fees

Fixed monthly fee, audit included — from $139/mo.

Read: SMSF management fees

SMSF setup costs

What you'll actually pay to establish an SMSF.

Read: SMSF setup costs

Switch SMSF administrator

Move your existing SMSF — we handle the handover.

Read: Switch SMSF administrator

SMSF compliance & ATO rules

Trustee duties, penalties and the ATO framework.

Read: SMSF compliance & ATO rules

Ready for a simpler audit?

New SMSF or switching from another administrator — the annual audit, accounts and lodgements are all included in one fixed monthly fee.

General advice warning

Figures shown are illustrative only and based on the inputs and assumptions you provide. They are general information, not personal financial product advice. Consider your objectives, financial situation and needs, and seek personal advice from a licensed financial adviser before acting. easySMSF does not hold an Australian Financial Services Licence (AFSL).

Your annual SMSF audit, explained

100% independent — by design

How the audit process works

Records in

Accounts prepared

Independent audit

Audit report & lodgement

The annual timeline

Records collected

Accounts drafted

Independent audit

Lodgement

What's included in the fixed fee

Annual financial statements

SMSF Annual Return

Independent audit

Compliance review

Trustee portal & e-signing

ATO correspondence

Frequently asked questions

Related guides

SMSF management fees

SMSF setup costs

Switch SMSF administrator

SMSF compliance & ATO rules

Ready for a simpler audit?

Ready to set up or switch your SMSF?

SMSF setup explained

Fixed-fee pricing

What an SMSF costs