Frequently Asked Questions

Find the answers to commonly asked questions regarding audit documentation requirements and more.

How do I get all the documents to you?

We believe the best way to supply documents is through our audit software provider at www.onlinesmsfaudit.com.au/Login.aspx.

Where documents are supplied through the audit software portal, the documents remain available for your convenience at a later date. There is also no need to supply permanent documents more than once. Supplying documents in this way also cuts down on email chains, misplaced documents and suchlike, and always ensures that the accountant and auditor have access to the exact same documents and versions of documents. The online audit software portal also provides a real time workflow and status update which accountant and auditor alike have access to.

We are also able to receive documents via Dropbox, Box, OneDrive, or via email – mail@priorityoneaudits.com.au – where the online audit portal is not convenient.

How do I know what documents and information you will need?

Supporting audit documents are broadly consistent year upon year. That being said, changes to legislation, ATO rulings, or court rulings will see us review and update our SMSF audit checklist when required. The most up to date checklist can be found on our Resources page.

How quickly can you get an audit done if it's urgent?

We are able to prioritise audits for you if you let us know. The best thing to do in this case is upload the documents to the audit portal and send an email through with a request for a quick audit. It’s important to note though that we still require all the relevant information and documentation before releasing the audit report.

What is the difference between a Qualification Part A, Qualification Part B, and a Contravention?

A Part A Qualified Opinion is issued when an element or elements as presented in the financial statements do not accurately represent the true financial position. Minor financial discrepancies may not require a Part A Qualification if they are determined to be non-material to the overall assets of the SMSF, and may be noted in a Management Letter to the Trustees only.

A Part B Qualified Opinion is issued where a breach of compliance requirements has occurred. Where a Part B Qualification has occurred, it is reported on the Tax Return of the SMSF.

A Contravention Report is issued where the financial value of one of more Reportable Breaches exceeds the threshold for reporting. The Contravention Report is issued to the Trustees and a separate copy is submitted to the Australian Taxation Office.