The Self-managed Independent Superannuation Funds Association (SISFA) has responded to the federal budget proposal for three-year SMSF audits by creating an entirely new class of membership to represent the interests of specialist SMSF auditors.

The proposed three-yearly audit for SMSFs will shrink auditor numbers, forcing many to leave the industry as practitioners will simply not be able to manage the smaller volume of work over a longer cycle, an SMSF audit specialist has warned.

The triennial audit proposal for clean SMSFs combined with continuing fee pressures has created an opportune period to educate trustees on the value and importance of the audit function.