The tax office said that as more SMSF audits are completed, it’s important that auditors check their reporting obligations before they finalise their work and ensure they use the current approved version of the Self-managed superannuation fund independent auditor’s report (IAR) form available from the ATO website.
It said this version should be used for all audits completed on or after 1 July 2024 and will not change for the next reporting period commencing 1 July 2026.
Auditors must also give all trustees the completed audit report, in the approved form, within 28 days after the trustee provides all documents relevant to the audit. If they identify a reportable contravention, they must lodge an ACR within 28 days of completing the audit.
The ATO said its auditor reviews regularly identify avoidable reporting mistakes, including using the wrong version of the IAR, not modifying the opinion when required and not lodging an ACR when the reporting criteria are met.
If an auditor uses software to prepare the IAR, they should check that it uses the current approved form and does not carry forward outdated details.
Before finalising their work, SMSF auditors should check they are using the correct IAR form, have modified the report where required, and lodged any ACR within the required timeframe.
For more information, refer to the ATO guidance on SMSF auditor reporting requirements and completing the independent auditors report.
Wow, the “old” form was used. How heinous.
The ATO need to be thankful there are sufficient auditors available to perform this service.
The article would have been far nicer to read if the ATO was compimentary of their services and a “timely reminder” that the ACR being used should be July 2024 and that the form was not updated for the 2026 year.
That would have been a far warmer and fuzzier read!