Key Features

Automated Shares Testing Worksheet

This tailored worksheet has been built to assist auditors with testing and documenting work performed on shareholdings of SMSFs.

All shareholding Trial Balance accounts will be listed in this worksheet, along with share codes and the number of shares held in each for funds imported from Class or BGL360 (this information can easily be entered into the worksheet for other funds).

Then, using 30 June share price information sourced from an approved ASX-licensed third party information vendor, the worksheet automatically recalculates the value of each holding and highlights any variances – automating this normally manual process and saving you precious time!

There are also simple selection columns to record the results of other important share ownership audit tests.

Checklist analysis areas

To assist with the analytical review process, the Analysis area has been developed and appears at the top of a number of key audit checklists in SMSF Audit, with each providing a tailored and automated snapshot of relevant ratios, calculations and Trial Balance information for that audit phase and area.

Automated Letters and Audit Report

A key element of an SMSF Audit is the efficient production of high-quality, compliant deliverables for the SMSF administrators and trustees. So included in SMSF Audit is a template Engagement Letter, Trustee Representation Letter, and Audit Report, that have all been based on current legislation and prescribed formats. Each can be customised at the template level for firm branding and style purposes, and to add any firm-specific content, as required.

Each of these template letters and reports is automated to pull in key fund and contact information, ensuring the process of producing these deliverables is quick and easy. They can then be saved as PDFs and sent directly to the SMSF contact from inside the file – no need to download out of the file and upload to an email! Plus your contact can even send a signed copy of the Engagement Letter directly back into the file, making filing a breeze.

Sending deliverables from within your SMSF Audit engagement

The Engagement Letter and the Audit Report are key documents to be delivered to the SMSF administrator. But how do you send them? Via email? That requires downloading the documents from your engagement file and uploading them to an email – a big time waster!

But with SMSF Audit, there is no need to leave your engagement file – instead, auditors can easily attach any document in a file that needs to be sent to a Contact, to a Query:


This makes the document available for download by your Contact as soon as the Query is opened. Then, if it’s a document they need to sign and return to you, they can just re-attach a scanned copy of the signed document for you. This will deliver it directly into your engagement file, eliminating the need for you to import it yourself!

Accessing and Referencing PDF documents

As our clients and our industry are progressively moving to paperless work processes, providing documentation in PDF format is becoming a very common practice. This is especially evident when it comes to audit evidence – by far, the majority of supporting workpapers in audit engagement files are now PDFs.

So, to assist auditors with performing audits paperlessly and efficiently, PDF documents saved in SMSF Audit engagement files can be opened within the file, in your web browser – there is no need to download and open these documents in a PDF program.

Annotations Tool Available for PDF for more complete Audit Trail

As well as accessibility, our popular Annotation tool can be used within PDF documents in SMSF Audit – easily markup checks performed, create hyperlinks to supporting workpapers or websites, and add notes anywhere in a PDF.

This powerful feature makes the documentation phase of the audit engagement quick and simple, and provides an easy-to-follow electronic audit trail for reviewers to follow.


Issues in SMSF Audit is a very handy tool that is heavily used by auditors for many reasons. From ‘to-do’ and review points, to deficiencies found and possible letter content, the Issues feature makes it quick and easy to document it all, no matter where you are in your engagement file.

Issues can be created by all staff throughout SMSF Audit engagements files by clicking the New Issue icon. 

Then once an issue is created, the icon will display the number of associated issues. 

Issues are accessible at all sorts of levels in an SMSF Audit engagement file, and can be assigned to:

  • Individual procedures
  • Checklists and other documents
  • Trial Balance accounts and group totals
  • File overall

Once Issues are created, they can be reviewed individually by clicking on the activated icon:

Or Issues can be viewed at a higher level in the Issues screen, which can also be easily filtered by category or status using the buttons at the top of the screen:


As Issues are considered, team members can document additional notes as required through the Reply feature, and then mark them as Resolved and/or Cleared when they have been addressed.

Integration with administration platforms

A key benefit of offering SMSF Audit through the CaseWare Cloud, is that we are able to integrate directly with other web-based providers to import SMSF data and information into SMSF Audit engagement files, which can dramatically reduce the file setup time required.

Specifically, we offer direct integration with:


In most cases, this integration allows auditors to create SMSF entities and audit engagement files in bulk, and import basic fund information and trial balance data. We have also pre-mapped the General Ledger to save the need for auditors to do this time-consuming process manually.

Optimizer and Smart Procedures

SMSF Audit contains a number of checklists that cover off on all SMSF Audit legislation and audit requirements, however not everything will be relevant to all engagements. For example, factors like the types of investments held, fund status (i.e. Accumulation or Pension), and whether or not the firm has audited the fund before, will all have an effect on what procedures are relevant to that audit.

This is where the SMSF Audit Optimizer and Smart Procedures come in! These valuable tailoring tools combine to hide all irrelevant content in the audit file instantly.

Firstly, the auditor answers the questions in the Optimizer – these questions confirm specifics of the fund being audited:

Then the Smart Procedures technology instantly hides all irrelevant procedures throughout the SMSF Audit engagement file – symbols that can be viewed in Edit mode of checklists show where the Smart Procedures technology is active and inactive:

As this functionality is live, responses can be changed in the Optimizer if something has been answered incorrectly or the Fund’s situation has changed, and all checklists will instantly update wherever relevant.

This same Smart Procedure technology has also been used within checklists to show/hide additional procedures based on results entered against key audit steps, resulting in comfort for the auditor that only the relevant tests will show and no manual deletion of tests is required.


Placeholders are a helpful documentation tool in SMSF Audit that allows auditors to:

  • Save a place in the file for a supporting workpaper not yet received and/or filed
  • Set up hyperlinks using annotations before a document is received and/or filed
  • Automatically reference a document when is it dropped into the file

There are some placeholders set up in the SMSF Audit template for standard documents such as the Trust Deed, the Signed Engagement Letter and the Bank Confirmation/Statements, and each are distinguished by the Placeholder ‘cloud’ symbol:


But auditors can easily add their own Placeholders into a file through either the New button at the top of the screen, or the shortcut folder menu buttons:


Placeholders can also be added to the template as part of Firm Settings – refer the the following FAQ for more information on the customisation options available under Firm Settings, or contact the SMSF Audit support team: SMSF Audit Firm Settings Fact Sheet.

Carry Forward

When completing SMSF audits, every minute counts. So the last thing an auditor wants to do is manually re-enter information in the current year file that was documented in the prior year. For example, if the Trust Deed has not been amended between audits, last year’s documented results are still current and correct.

This is where the SMSF Audit Carry Forward technology significantly benefits SMSF auditors. This feature allows the following information to be carried forward from a linked prior year file:

  • Prior year final Trial Balance
  • Procedure sign offs
  • Procedure notes
  • Documents added to the file (e.g. custom checklists, permanent documents)
  • Tailoring decisions (e.g. delete a checklist or procedure that was deleted last year)

In the Documents screen of a new file, buttons will appear where relevant, offering document-level carry forward options:



In addition, buttons inside checklists allow for procedure-specific or overall checklist carry forward options to be selected:



NOTE: It is important that an auditor exercises their professional judgement and careful consideration when using this technology. If you have any uncertainty that the carry forward option may not be appropriate, we recommend you dismiss the carry forward suggestions.

Query Document

During an SMSF audit, the auditor often needs to liaise with the fund’s accountant or administrator to request additional documentation, or ask questions relating to their audit. This communication can be challenging to manage, especially where there are a number of audits being done at a time.

Our powerful Query document technology in SMSF Audit though makes this process simple.

Auditors can record their requests and questions in a Query document in their engagement file, then submit it directly to the relevant contact to address. They will receive an automatic notification in their inbox with a link to access the document. Then as they address your queries, their responses feed directly back into your audit file – no more emails and manual filing of responses!

Dynamic Trial Balance

Our Dynamic Trial Balance has been developed with the intent to supercede Leadsheets, streamline audit documentation and make reviewing SMSF Audit engagement files a simple and efficient process.
preview-full-Trial Balance screen grab
Powerful features like automated Materiality Indicators, year-on-year comparisons and a variety of view options that make referencing and agreeing balances to the financial statements quick and easy.