Tag: Audit

20 Jul 2020 — 31 Dec 2025

SMSF Specialist Auditors that cancel their membership may regain their SSAud designation if they rejoin as an Associate within 3 years of ceasing their membership and complete the SSAud Designation Exam.

Join in the conversation with this unique online discussion group designed for our SMSF Specialist Auditors (SSAud) and SSAud candidates.

The SMSF Association is proud to host these sessions, facilitated by leading SSAud members, and supported by the SMSF Association’s technical team.

These sessions are an opportunity for auditors to come together and discuss issues affecting SMSF auditors in practice. This includes topics of a technical nature, professional and ethical standards, and emerging issues.

Enhance your practice, network with other specialist auditors and earn SMSF audit CPD hours.

The topics for discussion are member led, with participants invited to submit their SMSF audit related topics and issues for discussion to [email protected].

A copy of the agenda and online access details will be emailed to registered participants 24 hours prior to the ADG.

PLEASE NOTE: Registration for this discussion group is limited to our SMSF Specialist Auditor (SSAud) members and those currently enrolled in the SSAud program only.
Time is reflected as AEDT.

Please see the ADG terms and conditions here .

Join in the conversation with this unique online discussion group designed for our SMSF Specialist Auditors (SSAud) and SSAud candidates.

The SMSF Association is proud to host these sessions, facilitated by leading SSAud members, and supported by the SMSF Association’s technical team.

These sessions are an opportunity for auditors to come together and discuss issues affecting SMSF auditors in practice. This includes topics of a technical nature, professional and ethical standards, and emerging issues.

Enhance your practice, network with other specialist auditors and earn SMSF audit CPD hours.

The topics for discussion are member led, with participants invited to submit their SMSF audit related topics and issues for discussion to [email protected].

A copy of the agenda and online access details will be emailed to registered participants 24 hours prior to the ADG.

PLEASE NOTE: Registration for this discussion group is limited to our SMSF Specialist Auditor (SSAud) members and those currently enrolled in the SSAud program only.
Time is reflected as AEDT.

Please see the ADG terms and conditions here .

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).

The final step in the audit process is to form an opinion and prepare the audit report. Once this is done, the audit results must then be communicated.

This Module examines the multiple facets of SMSF auditor reporting:

Reporting to whom?

The SMSF auditor must report to both fund trustees and the ATO as regulator. Reporting to each is a separate obligation and must be understood to ensure auditors discharge their duty to the regulator and provide the trustees with a timely and informative report.

Reporting on what?

The SMSF auditor conducts two engagements side by side. They must form an opinion regarding both the financial statements (Part A) and the fund’s compliance (Part B). The auditor must then express their opinion appropriately. This Module explores the requirements set out in the auditing standards together with ATO’s reporting criteria.

Learning outcomes

On completing this module, participants should be able to:

  • understand the structure and components of the SMSF audit report
  • apply the modification of an auditor’s opinion
  • understand the auditors’ reporting obligations under the SIS Act and the audit standards
  • explain and apply the auditor’s reporting obligations to the ATO as the regulator.

The module Audit Planning and Risk covers the preparation of the audit strategy, the audit plan, identification and assessment of risk and the key concept of materiality.

The module also covers the different types of audit evidence and the types of risk presented by ongoing advancement in accounting and audit software.

While the processes and procedures performed at this stage set the scene for the completion of the audit, materiality and risk are considered throughout the audit process.

Learning outcomes

On completing this module, participants should be able to:

  • discuss the audit planning process and purpose
  • explain risk, types and sources of risk and the impact of risk on the audit
  • discuss the importance and timing of materiality and the processes in assessing and documenting
  • understand the relationship between planning the audit, risk and materiality and their role in establishing the nature and scope of the audit

The Module Conducting the Audit – Part A examines the processes and procedures performed by the auditor when auditing the financial statements.

Some of the questions answered are:

  • How do audit procedures differ where the prior year audit was performed by another auditor?
  • What are the different audit assertions that should be tested?
  • What are the different types of audit procedures that can be applied?
  • What audit evidence should the auditor obtain?
  • What are the relevant accounting policies and tax considerations?

The module covers all the key items and auditor’s obligations in relation to the financial statement audit.

LEARNING OUTCOMES

On completing this module, participants should be able to:

  • explain and apply the audit objectives that apply to the various transactions and classes of transactions in financial statement audit
  • identify the key components of financial statement assertions the auditor is required to consider when conducting the audit
  • explain the audit evidence and audit procedures required when testing the financial statement assertions
  • practical application of the audit framework and audit standards in conducting an audit of the financial report (Part A).

OVERVIEW

The SMSF Specialist Auditor (SSAud®) program meets part of the compliance requirements to become a Registered SMSF Auditor.

You will examine the requirements of the Australian Auditing Standards and how they should be applied in an SMSF audit. In addition, the practical relationship between the Superannuation Industry (Supervision) Act 1993 (SIS Act) 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.

It is specifically designed for audit professionals seeking recognition for their specialist skills and knowledge required through statutory obligations, Auditing & Assurance Standards and AUASB Guidance Statements. This Accredited Specialist designation program is designed to be completed within twelve (12) weeks of entering the program.

To audit a self-managed super fund, an auditor must be a qualified member of an approved professional organisation. As of 1 July 2013, the rules changed and now SMSF Auditors must be registered with ASIC.

When held in conjunction with an accounting degree, the SMSF Association SSAud® will satisfy the education requirements of the ASIC Auditor Registration, as it is registered as an approved program under the SMSF Auditor regulations (SIS 9A.02)

LEARNING OUTCOMES:

On successful completion, you 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 Part B compliance audit requires an in-depth knowledge of investment rules contained in the Superannuation Industry (Supervision) Act 1993 and supporting regulations. The SMSF auditor must not only be familiar with the rules but must also remain alert to warning signs that something has gone wrong. The auditor must implement robust procedures that support their compliance audit opinion.  

The Module covers the usual suspects, including the requirement for market valuations, arm’s length dealing, in-house assets rules, prohibition against financial assistance, and the borrowing provisions. The sole purpose test and investment strategy are also explored from the auditor’s viewpoint, as is the compliance standard for derivative investment and the debated application of SIS Regulation 4.09A.

At each point, the Module unpacks both the investment rules and the auditor’s obligations in navigating this terrain.

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) with respect to the investments audit and requirement to prepare an investment strategy.
  • 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).

The module Audit Standards examines the framework for conducting an SMSF audit as provided within the Audit and Assurance Engagement Standards. The module explores the structure and interpretation of the auditing standards following adoption of the ‘Clarity’ format, and considers how these standards apply to the financial and compliance parts of an SMSF audit engagement. The contribution of GS 009 in navigating this framework is also examined.

This module is the ‘hub’ from which all other SSAud modules spring to form the whole wheel that is the SMSF audit process.

LEARNING OUTCOMES

On completing this module, participants should be able to:

  • explain the audit standards framework and apply to the audit of SMSFs.
  • understand the structure of the audit standards, how they are understood, interpreted and applied.
  • explain the professional standards and the requirements for the auditor to comply with the relevant auditing standards.
  • explain the application of the relevant standards and framework as they apply to Part A and Part B of the SMSF approved auditor’s report.