As an SMSF trustee, your top priority should be to get your fund audited by one of the approved auditors each year. For the purpose of such audits, it is important to formally appoint the auditors and there is a timeframe attached to doing so.
This is just the visible part of the audit ‘iceberg’. There is so much more that you have to understand about the process and which remains hidden from common view till a professional helps you with them. Let me talk about all the possible aspects of SMSF audits here and I can put a small wager that some of them will really surprise you.