Events

SMSF Audit – Preliminary engagement activities

OVERVIEW It is easy to focus on the demands of practice in performing an engagement rather than the vehicle used in one’s modus operandi. But safety checks before entering the freeway are a good idea. For the SMSF auditor, they are essential. Prior to the acceptance of any audit engagement, the auditor is required to […]

SMSF Audit – Audit Standards

OVERVIEW The module, Being an Auditor examined the compliance framework for the professional and statutory obligations that apply to auditors. This module examines the framework that applies to the conduct of the audit, comprising of Audit and Assurance Engagement Standards, and how it applies to the audit of an SMSF. SMSF auditors are required to […]

SMSF Audit – Being an SMSF Auditor

OVERVIEW To ensure compliance with the rules, the Australian Taxation Office (ATO) as the regulator of SMSFs places reliance on the work of SMSF auditors. It is a legislative requirement that the financial statements of all SMSFs are audited each year. In many respects, the integrity of the SMSF industry relies on the conduct of […]

SMSF Audit – Conducting the audit – Part B (Investments)

OVERVIEW The SMSF auditor must form an opinion on the SMSF’s compliance with prescribed requirements of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) and Superannuation Industry (Supervision) Regulations 1994 (Cth) (SIS Regulations). This comprises Part B of the audit report and is generally referred to as ‘the compliance audit’. SMSF trustees are required […]

SMSF Audit – Conducting the Audit – Part A

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 Audit – Planning and risk – identification, assessment and response

OVERVIEW As part of the audit process, the auditor seeks to reduce the risk of material misstatement to a suitably low level. The identification and assessment of actual or potential risk is therefore a key part of the audit process. A risk assessment will assist the auditor in determining the appropriate audit procedures based on […]

SMSF Audit – Audit Reporting

OVERVIEW The final part of the audit process is to form an audit opinion and prepare the audit report. The results of the audit are then communicated. Reporting in connection with the SMSF audit involves several dimensions and various parties. These reporting obligations must be understood to ensure that auditors meet their professional obligations, discharge […]

SMSF Audit – Conducting the Audit – Part B (Administration)

OVERVIEW The SMSF auditor must form an opinion on an SMSFs compliance with prescribed requirements of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) and Superannuation Industry (Supervision) Regulations 1994 (Cth) (SIS Regulations). This comprises Part B of the audit report. This part of the engagement is generally referred to as ‘the compliance audit’. […]