This paper was written by Naomi Kewley SSA™ SSAud™, Managing Director, Peak Super Audits.
It is easy to focus on the demands of practice rather than the vehicle used in one’s modus operandi. But safety checks before entering the freeway are a good idea.
The use of templates and audit-specific software should not create complacency in the SMSF audit. These aids may give us the place to tick a box – but is required practice actually being performed and evidenced in a way that will satisfy quality reviewers?
This paper considers two key (and possibly less examined) requirements that underlie the SMSF audit:
- Quality control – at both the firm and engagement level;
- The audit plan.
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association