Welcome & Introduction

Peter Burgess, CEO, SMSF Association

Sufficient Appropriate Audit Evidence – Lessons from Murphy & Islam

Shirley Schaefer, Partner, BDO Australia

With auditor disqualifications on the rise, the message is clear: your audit file must stand up to increased scrutiny.

This session explores the key lessons from the Administrative Review Tribunal cases of Mr Islam and Mr Murphy, who appealed ASIC’s decision to disqualify them as SMSF auditors. Join Shirley as she examines where they fell short and what the Tribunal said about audit evidence and professional standards.

Shirley will also revisit the fundamentals - what is sufficient appropriate audit evidence, and how can you ensure your opinion is properly supported?

An essential session for SMSF auditors who want to avoid the same mistakes.

Digital Assets in SMSFs: The Who, What, Where, When & Why of Compliance

Shelley Banton, Head of Technical, ASF Audits

Digital assets are no longer fringe — and SMSF auditors are on the frontline of identifying whether these investments meet compliance and evidentiary standards. From proving ownership to navigating valuation and custody issues, digital assets pose unique audit risks.

This session will help auditors address key challenges, including:

• Who controls the asset — and how to verify it
• What digital assets are allowable under SIS and audit standards
• Where assets are stored and how custody impacts audit risk
• When transactions create audit red flags
• Why documentation and substantiation are critical to avoid reportable contraventions

Packed with practical examples and common audit pitfalls, this session is essential for SMSF auditors who want to keep pace with a rapidly evolving asset class.

Beyond the Pages: Practical Insights for Interpreting GS007 Reports

Daniel Prunty, Director, Veritas Audit

SMSF auditors frequently rely on assurance reports obtained by third-party service organisations - but how far can that reliance go?

This session demystifies the use of Type 1 and Type 2 reports under GS 007 and other types of assurance reports, clarifying what they cover, when they can be relied on, and where auditors must exercise additional judgement. From wraps and platforms to administrators, we’ll explore what auditors need to review, document, and question when using third-party reports in SMSF audits.

Practical, focused, and risk-aware - this session will help you strengthen your audit file and avoid common pitfalls.

Ethical Boundaries: Navigating Independence and Conflicts in SMSF Audits

Sharlene Anderson, Principal, Veritas Forensics

SMSF auditors work in a profession governed by strict standards and black-and-white compliance, but ethics is rarely so clear. Independence and conflicts of interest often demand decisions that go beyond the APES Code of Ethics with SMSF auditors required to also consider Australian auditing standards, Corporations Act and SIS Act obligations.

In this session, Sharlene will examine the grey areas of ethical decision-making in SMSF audits. Drawing on real case studies, she explores how the APES standards frame independence and conflicts, the subjective tests auditors should apply when faced with difficult decisions, and the broader impact these choices can have on both business operations and professional standing.

This session is designed to help SMSF auditors reflect on where ethical boundaries lie and how to navigate them with confidence.

Arm’s Length or Not? Auditing NALI and NALE Risks in 2025

Tony Negline, Superannuation and Financial Services Leader, Chartered Accountants Australia and New Zealand

With the latest reforms and evolving ATO guidance, SMSF auditors face heightened scrutiny in assessing non arm’s length income (NALI) and expenditure (NALE). Understanding when transactions, including both general and specific expenses, could trigger NALI or NALE is critical.

This session examines what auditors need to know to identify and document these risks, including how non arm’s length dealings can impact CGT outcomes, materiality thresholds, and the auditor’s reporting obligations. Through practical examples and audit ready insights, attendees will gain sufficient insight to know their essential next steps.

When Pensions Fall Short: Navigating Audit Complexities of Underpaid Minimums

Mark Ellem, Head of Education, Accurium

Trustees are obligated to ensure the minimum pension is paid in full every year - yet a single underpayment can create a compliance and administrative nightmare. With the ATO’s updated view in TR 2013/5 (post 2024), the consequences for trustees - and the risks for accountants and auditors - have never been greater.

In this session, Mark Ellem puts the ATO’s stance to the test, unravelling the practical challenges of dealing with one off pension shortfalls. He’ll explain how to identify a breach, what remedies both the ATO and auditors will accept, and how to meet every audit obligation - from file documentation to contravention reporting.

Closing Notes

Scott Hay-Bartlem, Partner, Cooper Grace Ward