The ATO’s approved form auditor’s report Part A: Financial report requires the auditor to conduct the audit in accordance with Auditing Standards to form an opinion regarding the fair presentation of the financial report of the SMSF for the reporting period, in accordance with stated accounting policies, which are consistent with the financial reporting requirements of the SMSF’s governing rules, compliant with the SISA and SISR and are appropriate to meet the needs of members.


ASA 200 requires the auditor to express an opinion on whether the financial report is prepared, in all material respects, in accordance with an applicable financial reporting framework. ASA 210[82] details the requirement for the auditor to determine whether the reporting framework is acceptable as well as to obtain trustee acknowledgement of their understanding and responsibility for the financial report in its entirety.

Where a SMSF prepares special purpose financial reports they are not required to formally adopt AAS and the trustee determines the applicable financial reporting framework which they will apply to the SMSF’s financial report.[83]


See paragraph 6 of ASA 210.


If a SMSF is a reporting entity, or where its trust deed, created or amended on or after 1 July 2021, requires the financial report to be prepared in accordance with the Australian Accounting Standards (AAS), the SMSF is required to prepare a GPFR and adhere to the AAS in the preparation of that report.