Tag: Audit

17 Nov — 17 Nov 2022

Join in the online discussion group with other Specialist Auditors proudly hosted by the SMSF Association for our members.

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

Our Specialist Auditor members are invited to submit audit related topics and/or audit related technical issues that you have encountered for discussion during this session. Please submit your questions and topics for discussion to [email protected]

Register here. You will receive your invitation to join the online discussion via email, so please remember to add it to your calendar.

PLEASE NOTE: This discussion group is for our SMSF Specialist Auditor (SSAud) members only.
And time is reflected as AEDT.

Join in the online discussion group with other Specialist Auditors proudly hosted by the SMSF Association for our members.

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

Our Specialist Auditor members are invited to submit audit related topics and/or audit related technical issues that you have encountered for discussion during this session. Please submit your questions and topics for discussion to [email protected]

Register here. You will receive your invitation to join the online discussion via email, so please remember to add it to your calendar.

PLEASE NOTE: This discussion group is for our SMSF Specialist Auditor (SSAud) members only.
And time is reflected as AEDT.

Join in the online discussion group with other Specialist Auditors proudly hosted by the SMSF Association for our members.

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

Our Specialist Auditor members are invited to submit audit related topics and/or audit related technical issues that you have encountered for discussion during this session. Please submit your questions and topics for discussion to [email protected]

Register here. You will receive your invitation to join the online discussion via email, so please remember to add it to your calendar.

PLEASE NOTE: This discussion group is for our SMSF Specialist Auditor (SSAud) members only.
And time is reflected as AEDT.

Join in the online discussion group with other Specialist Auditors proudly hosted by the SMSF Association for our members.

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

Our Specialist Auditor members are invited to submit audit related topics and/or audit related technical issues that you have encountered for discussion during this session. Please submit your questions and topics for discussion to [email protected]

Register here. You will receive your invitation to join the online discussion via email, so please remember to add it to your calendar.

PLEASE NOTE: This discussion group is for our SMSF Specialist Auditor (SSAud) members only.
And time is reflected as AEDT.

Join in the online discussion group with other Specialist Auditors proudly hosted by the SMSF Association for our members.

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

Our Specialist Auditor members are invited to submit audit related topics and/or audit related technical issues that you have encountered for discussion during this session. Please submit your questions and topics for discussion to [email protected]

Register here. You will receive your invitation to join the online discussion via email, so please remember to add it to your calendar.

PLEASE NOTE: This discussion group is for our SMSF Specialist Auditor (SSAud) members only.
And time is reflected as AEDT.

Join in the online discussion group with other Specialist Auditors proudly hosted by the SMSF Association for our members.

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

Our Specialist Auditor members are invited to submit audit related topics and/or audit related technical issues that you have encountered for discussion during this session. Please submit your questions and topics for discussion to [email protected]

Register here. You will receive your invitation to join the online discussion via email, so please remember to add it to your calendar.

PLEASE NOTE: This discussion group is for our SMSF Specialist Auditor (SSAud) members only.
And time is reflected as AEDT.

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).