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What are the key components of an SMSF audit?

An SMSF audit is a comprehensive review of the fund’s financial records, transactions, and compliance with superannuation laws. Key components include verifying the fund’s financial statements, assessing investment strategies, confirming contributions and benefit payments, checking for compliance with regulatory limits, and ensuring proper record-keeping. The audit also examines the fund’s compliance with the sole purpose test, the in-house asset rules, and other legal requirements.