Section 35C of the Superannuation Industry (Supervision) Act 1993 (SISA) and 8.02A of Superannuation Industry (Supervision) Regulations 1994 (SISR), require that SMSF are audited on an annual basis by an independent, approved auditor.

The purpose of the audit is to assess the trustee(s) compliance with both SISA 1993 and SISR 1994.

An approved auditor must be one of the following:

-    A registered company auditor;

-    A member of CPA Australia Ltd;

-    A member of The Institute of Chartered Accountants in Australia;

-    A member of the National Institute of Accountants;

-    A member or fellow of the Association of Taxation and Management Accountants;

-    A fellow of the National Tax and Accountants Association Ltd;

-    A SMSF Specialist Auditor of the SMSF Professionals? Association of Australia Limited (SPAA); and

-    The Auditor-General of the Commonwealth, a state or territory or a delegate of the Auditor-General.