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 .
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 AEST.
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 AEST.
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 AEST.
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 AEST.
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 AEST.
Please see the ADG terms and conditions here .
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 their duty to the regulator, and equip trustees with a timely and informative report. Penalties apply under the SIS Act for non-compliance with the auditor reporting requirements. This topic looks at the practical application of these areas with regards to Part A and Part B of the SMSF audit.
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.
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’.
SMSF trustees must comply with legislative obligations in the SIS Act and SIS Regulations relating to the fund’s operation and administration. There are many such obligations. For this reason, SMSFs are not for the faint-hearted or careless. The SMSF auditor is a vital cog in this compliance landscape. As a regulator, the ATO prescribes a list of specific sections and regulations against which the auditor must evaluate and report on fund compliance. The regulator’s guidance is a minimum standard. The auditor may include other sections or regulations as suitable criteria in the compliance engagement.
The full list of reportable provisions is set out in QC45566. If an SMSF is found to be non-compliant, the trustees may be liable for fines and administrative penalties. In the worst contingency, the SMSF may lose its complying status and the significant benefits that complying funds enjoy, in addition to attracting some very nasty tax consequences. But more on this later.
In this module, the compliance audit has been categorised into four topics:
1. Introduction to compliance audit
2. SMSF administration
3. SMSF structural rules
4. Member accounts
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).
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 comply with the relevant audit standards published by the Auditing and Assurance Standards Board (AUASB). The AUASB has published Guidance Statement GS 009 ‘Auditing self-managed superannuation funds’ to assist auditors in meeting their obligations and to comply with the relevant audit standards.
Other modules discuss in further detail the practical application of the relevant audit standards.
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.