Not All Auditors Are Created Equal — Here’s What Top Firms Look for Under Pressure
Is your SMSF team under pressure from every direction?
You’re not alone. Right now, many Australian accounting firms are facing a perfect storm:
- A shortage of skilled local staff
- High wage costs and employer obligations
- Increasing client expectations
- ATO lodgement pressure
- And SMSF auditors who are… slow, inflexible, and out of sync
In this kind of environment, it’s not just about delivering the job—it’s about protecting your brand, preserving your margins, and staying ahead of risk.
The Hidden Cost of the Wrong Audit Relationship
When your audit provider isn’t commercial, responsive, or communicative, it creates a ripple effect:
- Workflows stall
- Client service suffers
- Lodgements are delayed
- And your reputation is left exposed
And yet, too many firms are stuck with transactional auditors who don’t think strategically, act slowly, and offer no real support when issues arise.
That’s Why We Created SMSF ADVANCED
SMSF ADVANCED is Saul SMSF’s premium audit solution, purpose-built for accounting firms who value:
- Prioritisation of complex and high-value funds
- Direct access to senior audit specialists
- Responsiveness and commercial thinking
- Protection from ATO scrutiny and reputational risk
This is not an outsourced checkbox service. SMSF ADVANCED is a high-touch, high-trust audit solution that’s designed for firms like yours—where capability, clarity and timeliness are non-negotiable.
Why Mid-Tier & Top 4 Firms Choose SMSF ADVANCED
Technical Depth
Our auditors understand unlisted investments, complex structures and ATO scrutiny risks—and we engage commercially, not defensively.
Client-Aligned Thinking
We respect your relationship with your clients. We work with you—not around you.
Brand Protection
A clean audit doesn’t just meet compliance—it protects your standing with the ATO, and your standing in the market.
Proven Leadership
Led by David Saul, Saul SMSF recently passed the ATO’s Large SMSF Auditor Program review with a clean bill of health—an achievement few firms can claim.
What Our Partners Say
“We’ve completed all our SMSF tax returns and received every audit report on time—thanks to Saul SMSF’s guidance and support. Their team’s clarity, responsiveness and professionalism stood out.”
— Partner, National Accounting Firm
Ready to Elevate Your SMSF Audit Relationship?
SMSF ADVANCED isn’t for everyone—it’s for firms who are ready to raise the bar.
If you’re a partner or senior leader looking for an auditor who prioritises your business, protects your clients, and understands the pressure you’re under, we invite you to connect.
When One Trustee Dominates: The Gender Gap Risk
In many Self-Managed Superannuation Funds (SMSFs), a familiar but often unspoken dynamic plays out—one trustee takes the lead, while others, often spouses or siblings, remain passive. This imbalance may appear harmless in the day-to-day running of the fund, but from an auditor’s perspective, it can have devastating long-term consequences—particularly when the dominant trustee makes high-risk investment decisions without proper oversight or agreement from the other trustees.
As a specialist firm that audits many SMSFs each year, we’ve seen this pattern emerge time and again. One trustee makes the decisions—frequently around complex or illiquid investments such as leveraged real estate (LRBAs), private companies, unlisted trusts, cryptocurrency, or collectables. Meanwhile, the other trustee(s)—often women—remain in the background, uninvolved, unaware, and at risk.
The fundamental problem? All trustees share equal legal responsibility, regardless of who made the decision. The Superannuation Industry (Supervision) Act 1993 (SIS Act) and the ATO’s Trustee Declaration make this unequivocally clear. Every trustee must:
- Act in the best interests of all members;
- Exercise care, skill and diligence;
- Prepare and regularly review an appropriate investment strategy;
- Keep proper records and ensure all decisions are well documented;
- Be informed about fund investments, insurance and compliance obligations.
When trustees fail to uphold these duties, the consequences can be catastrophic—and disproportionately borne by the passive trustee with the lower balance. In many cases, this is a woman whose retirement security is tied to a fund she has little practical control over.
The Papadam Case: A Cautionary Tale
The Supreme Court case Jenifer Helen Papadam v Smidam Pty Limited serves as a sobering example. Here, a family-run SMSF descended into dysfunction, with years of missing financial statements, inadequate records, and no meeting minutes or up-to-date investment strategy. The trustees were in serious conflict, and the fund was ultimately placed into receivership.
Saul SMSF was appointed by the Court to audit the fund and formulate a rectification plan. Our finding was stark: the fund had failed to meet even the most basic trustee obligations. The lack of compliance and transparency obliterated any hope of a viable audit trail. The fund’s principal asset had to be sold, and the receiver’s fees ballooned to over $130,000, consuming much of the members’ retirement savings.
This wasn’t just poor administration—it was the result of trustees abdicating their legal responsibilities. It was also a vivid illustration of what happens when one trustee takes control and others stay silent.
The Gendered Impact
In our forensic audit experience, it’s not uncommon for the passive trustee to be a woman—often a wife, sister, or daughter—who has deferred to her spouse or male relative on financial matters. The gender super gap is already a national concern, and cases like these only widen it. When high-risk decisions go south, it’s often the member with the smaller balance who suffers most—and often, tragically, without ever knowing the risks were taken in the first place.
What Can We Do?
- Trustee Education is a Must, Not Merely Recommended
The ATO trustee declaration is critical—it outlines each trustee’s legal obligations in detail. Yet, far too often, new trustees are told simply to sign it without proper explanation or training. This must change. Education should be a non-negotiable requirement for all trustees. - All Trustees Must Be Actively Involved
Passive trustees cannot sit back and assume everything is being handled correctly. If you are a trustee—male or female—you must attend meetings, review the investment strategy, understand the fund’s investments, and ensure compliance with SIS regulations. - Ask Questions
Probe decision-making and look for patterns of dominance and disengagement. Why? Because understanding is protecting all members’ interests—especially the vulnerable or passive ones. - Professional Advice Is Not a Luxury
SMSFs investing in complex assets—property, LRBAs, private equity, crypto—require robust professional advice. If only one trustee is receiving and acting on that advice, the fund is exposed to risk—and so are its members.
In conclusion, if you’re an SMSF trustee—regardless of whether you hold 90% or 9% of the balance—you are equally liable. The consequences of inaction, ignorance, or deference can be severe. The Papadam case shows what’s at stake. SMSFs can be powerful vehicles for wealth, but only when all trustees lean in and take responsibility.
This is not just about compliance—it’s about fairness, accountability, and closing the gender gap in retirement outcomes.
David Saul is the CEO & Managing Director of Saul SMSF, a specialist independent SMSF audit firm. He has served as a court-appointed auditor in multiple complex SMSF matters and is a founding council member of the SMSF Innovation Council.
