The Part B compliance audit requires consideration of several compliance matters, including:
- Fund structural and residency requirements
- Contributions and benefit payments
In completing this part of the engagement, the SMSF auditor needs a thorough understanding of both superannuation and income tax legislation and supporting regulations.
What is a contribution? When can a contribution be accepted by the SMSF? What are the auditor’s obligations in relation to excess contributions or age-related restrictions? What are the audit requirements in regard to pensions, death benefits, and member insurance?
This Module takes a deep dive into these questions. It explores audit requirements involving contributions and the withdrawal of superannuation benefits, both during a member’s life and after death. It also explores the compliance audit considerations relating to trustee administrative obligations, SMSF structure, and residency.
LEARNING OUTCOMES
On completing this module, participants should be able to:
- explain and apply the audit objectives that apply to the compliance audit (Part B) in respect of the trustee obligations and the SMSF definition
- identify the key components and source of the compliance audit the auditor is required to consider when conducting the audit
- explain the audit evidence and audit procedures applicable to the compliance audit
- practical application of the audit framework and audit standards in conducting an audit of the compliance audit (Part B).