The evolution of SMSF auditing

As the SMSF sector continues to grow in size, value and significance, is the auditing profession keeping up? Katarina Taurian reports

The SMSF sector has undergone significant change in the past 20 years, with sheer growth in the number of funds and trustees transforming the way SMSFs are run and regulated.

As Heffron’s managing director, Martin Heffron, told SMSF Adviser, the superannuation system’s audit “ground rules” were put in place in 1993, long before the creation of the SMSF industry as we know it today.
One thing that hasn’t changed in that time is the fact that auditors are one of the few groups of professionals that SMSF trustees are obliged to engage with.

They are the ATO’s eyes and ears, and are integral to the healthy compliance record of the SMSF sector.

Given the significance of the role of the SMSF auditor and the decades that have passed since the auditing ground rules were first established, it’s fair to ask: is the SMSF auditing industry still doing its job?

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