OVERVIEW
Under section 35B(1) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act), self-managed superannuation fund (SMSF) trustees are required to ensure that a statement of financial position and an operating statement is prepared for each financial year. Section 35C of the SIS Act requires that those financial statements are audited by an approved SMSF auditor.
This module examines the processes and procedures required in undertaking the audit of the financial statements. This is Part A of the Australian Taxation Office (ATO) prescribed audit report — Self-managed superannuation fund independent auditor’s report (2-15).
The previous modules have laid the foundation, covering the audit framework, preliminary audit procedures, and the preparation of the audit plan which is essential for conducting the audit.
This module looks at the practical application of these areas with regards to Part A of the SMSF audit.
LEARNING OUTCOMES
On completing this module, participants should be able to:
• explain and apply the audit objectives that apply to the various transactions and classes of transactions in financial statement audit
• identify the key components of financial statement assertions the auditor is required to consider when conducting the audit
• explain the audit evidence and audit procedures required when testing the financial statement assertions
• practical application of the audit framework and audit standards in conducting an audit of the financial report (Part A).
