SMSF Bitcoin Audit Guide

The Bitcoin Adviser provides non-custodial advisory services. We do not hold assets, custody Bitcoin, control client funds, or provide storage services.

• We do not take custody of Client Bitcoin.
• We do not manage, control, or unilaterally access Client funds.
• Where applicable, we may act as a co-signer or backup key holder within a multisignature arrangement.
• We cannot move Bitcoin without the client's explicit authorisation and participation in accordance with the applicable multisig policy.
• The client retains full beneficial ownership and ultimate control of all Bitcoin at all times.

This is consistent with our Terms of Service (Section 4: Non-Custodial Services Statement).

For account balances, Australian auditing standards identify assertions including existence, rights and obligations, completeness, and accuracy, valuation and allocation. Mapped to SMSF Bitcoin:

For reporting and audit purposes, the fund should use a documented valuation approach based on objective and supportable market data at the relevant reporting date. The ATO points auditors to objective historical pricing (for example, a 30 June closing value published by a crypto exchange). The method used should be retained with the fund's records and applied consistently unless a deliberate policy change is made and documented.

The auditor can independently verify valuation. Wallet configuration is irrelevant to this assertion.

If open, close, spot, or exchange-specific methodology is used, it should be applied consistently. The formulas below are tools to implement a chosen policy, not a substitute for one.

Spreadsheet tools to support your valuation policy

Our reports show balances and movements in Bitcoin. For audit purposes, accountants often need market value and fiat amounts for each transaction. You can look up the Bitcoin price for any date and in your chosen currency using built-in spreadsheet functions in Google Sheets or Excel.

Google Sheets: Current price in AUD: =GOOGLEFINANCE("CURRENCY:BTCAUD"). For the closing price on the date in cell A2:

=INDEX(GOOGLEFINANCE("CURRENCY:BTCAUD","close",A2,A2,"DAILY"),2,2)

You can use "open", "high", or "low" instead of "close". For other currencies, replace BTCAUD with BTCUSD, BTCEUR, BTCCAD, etc. Data may be delayed by up to 20 minutes.

Excel (Microsoft 365): For a single date in cell A2, returning date and close price in AUD:

=STOCKHISTORY("BTCAUD", A2, A2, 0, 1, 0, 1)

Ticker ("BTCAUD", "BTCUSD", "BTCEUR", etc.), then property codes: 0 = Date, 1 = Close, 2 = Open, 3 = High, 4 = Low, 5 = Volume. Requires Microsoft 365; data is end-of-day.

Valuation basis (open, close, high, or low) is a matter of professional judgment and documented fund policy. The formulas above help you apply your chosen basis consistently; they do not substitute for that policy.

We help trustees and accountants assemble a coherent, proportionate documentation set aligned with the three core layers, without asking for private keys or weakening wallet security. The aim is clearer records and less unnecessary disclosure, within our non-custodial role. The auditor remains responsible for whether the evidence obtained is sufficient and appropriate.

We provide the following to support trustees, accountants, and auditors:

• Annual Statement of Position: the reported Bitcoin position plus embedded transaction and reconciliation evidence (reporting period, named client, aggregate and vault-level balances, transaction history, TXIDs, movements and running balances).
• Supporting materials for attribution: engagement context and, where relevant, coordination on trustee/director attestation that reconciles to the Statement of Position.
• Service agreement: the client's agreement with The Bitcoin Adviser (our Terms of Service and any engagement terms).
• Invoices: for fees paid for advisory and co-signing services.

Verification does not require disclosure of private keys, seed phrases, or any action that would weaken the security of the SMSF's Bitcoin. Relevant evidence can be supported through the documentation above and, where appropriate, view-only or export-based records that do not expose signing authority.

Optional read-only tools for trustees

TBA Vault Watcher (/tba-vault-apps) on iPhone and iPad shows vault balances and transaction history from watch-only configuration: no private keys, no signing, and data stays on the device.

Bitcoin Super (bitcoinsuper.io/bitcoin-super-app) is a watch-only SMSF companion on the same iPhone: Australian financial year statements with AUD valuations, trustee education, and illustrative scenarios. Available on the App Store in Australia and New Zealand only. It shares vault configuration with Vault Watcher on the same device through on device storage only.

Either tool can help cross-check fund records, TXIDs, and the Statement of Position against the public blockchain. That supports the same reconciliation idea as the evidence hierarchy; neither is a formal attestation or a substitute for the documented evidence set.

ATO links last checked: March 2026. Auditing Standards links last checked: August 2026.

• Australian Taxation Office: Self-managed super funds
• Australian Taxation Office: Crypto assets
• Australian Taxation Office: Auditing SMSFs with crypto assets
• Australian Taxation Office: Guide to valuing SMSF assets
• AUASB: ASA 500 Audit Evidence (sufficient appropriate evidence; professional judgement)
• AUASB: ASA 315 Identifying and Assessing Risks of Material Misstatement (assertions for account balances)
• AUASB: GS 009 Audit Evidence (reliability; corroborating evidence from different sources)
• The Bitcoin Adviser: Terms of Service
• Google Docs: GOOGLEFINANCE function
• Microsoft Support: STOCKHISTORY function

For technical background on multisignature Bitcoin (without endorsement of any custody or advisory relationship), software providers such as Unchained publish educational material on how multisig works; trustees and auditors may find such resources useful for context only.