Auditor independence

Auditor independence

Auditor’s independence is a fundamental of every SMSF audit.

As approved ASIC SMSF auditors, we maintain our independence specifically required in the Accounting Professional and Ethical Standards Board Compiled APES 110 – Code of Ethics for Professional Accountants.

• We do not audit any SMSFs if we have prepared the tax returns and financial reports.
• We do not audit any SMSFs that we have provided taxation advice or consulting work for.
• We only audit SMSF reports prepared other tax agents, accountants or administrators.
• We do not lodge any tax returns for any SMSFs that we have done the audits for.

How we appoint auditors for our clients

We engage experienced external auditors for our SMSF clients and make sure they are the protectors of our clients’ SMSFs.

• We help trustees appoint SMSF auditors and ensure their SMSF’s receive the best possible audit services.
• We only engage external auditor’s audit services and do not provide any accounting or other services to that auditor.
• There is no reciprocal arrangement between iCare Super and external auditors. 

Audit costs

If you pay monthly fees to us, please note the audit costs have already been included and there are no extra costs for the annual compliance. However if your super fund has breached SIS Act or other SMSF rules, the auditor may charge $220 for lodging contravention report with ATO and also providing a management letter to you.

If you only use our audit services, the estimated costs can be found as below:

-$330 for an SMSF with cash and term deposit SMSF,

-$385 for an SMSF with shares

– $440 for an SMSF with investment properties.