Auditor Independence

• SMSF auditors cannot audit a Fund if their staff Member in the same firm has prepared the financial statements and tax return.
• Using our accounting and tax lodgement service, clients’ SMSF will be audited by the external party. We will appoint and engage external auditors for our clients in order to meet the Independence standards.

At times, Trustees request SWA to lodge the annual tax return on their behalf. The reason for this is to lodge the tax return electronically. This approach is more effective than using the paper lodgdment process.

• If the service provided by Superannuation Warehouse to audit clients is a route or mechanical service, the answer is yes. For instance, Trustee coded transactions and tax entries, where our firm audited and simply entered the tax data into our software to proceed with the lodgement electrically. In this case, the lodgement process requires a little or no professional judgment. It will be considered as a routine or mechanical service and exception of independence and self-review threat.
• Generally, we requested our audit clients to provide the approved trial balance, signed financial statements, and Pro-forma tax return, which can reduce the self-review threat to an acceptable level.