SMSF Specialist Auditor Accreditation

OVERVIEW

Participants will examine the requirements of the Australian Auditing Standards and how they should be applied in a SMSF audit. In addition, the practical relationship between the Superannuation Industry (Supervision) Act 1993 (SIS) compliance audit of an SMSF and the Auditing Standards will be analysed. Specifically, the subject covers the auditor’s reporting obligations in relation to SIS compliance to both the trustees and the Australian Taxation Office.

LEARNING OUTCOMES

On successful completion of this subject, participants should be able to:

1 Undertake research on significant SMSF auditing issues.
2 Apply the Auditing Standards to identify compliance issues in an SMSF.
3 Complete an SMSF audit that is compliant with both Australian Auditing Standards and SIS Regulations.
4 Create the required Australian Taxation Office reports and Fund reports.

The SMSF Specialist Auditor accreditation course comprises 7 topics that include:

Topic 1 - Being an SMSF Auditor
Topic 2 - Audit Standards
Topic 3 - Preliminary engagement activities
Topic 4 - Planning and risk - identification, assessment and response
Topic 5 - Conducting the audit - Part A
Topic 6 - Conducting the audit - Part B
Topic 7 - Auditor Reporting

At the completion of the 7 topics you will be required to undertake a 120 question multiple choice exam in a 2 hour timeframe. You will be required to achieve a pass rate of 50% or higher to be awarded the SMSF Association Specialist Auditor Accreditation.

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