Malcolm Chilman, the Principal of Bottom Line Control, is an approved SMSF auditor.
Superannuation laws require that Self-Managed Superannuation Funds (SMSF) have their accounts, statements and compliance audited each year. The fund’s trustees are responsible for appointing the Auditor and having the audit performed. The auditor provides an opinion on the status of the fund, highlighting any financial and compliance issues. If a fund doesn’t comply, the auditor may be required to report any contraventions to the regulator. The consequence of non-compliance can be severe, in the worst case scenario, there can be substantial tax liabilities incurred by the trustees/members.
From 31 January 2013, the Australian Securities Investment Commission (ASIC) is responsible for approving SMSF auditors. Only a person registered with ASIC as an approved SMSF auditor can conduct an SMSF audit.