Fundamental Principles & Practice of SMSF Audit
Introduction & Overview
The SMSF auditor’s responsibility is to (a) express an opinion on the financial report (Part A), and (b) provide reasonable assurance that the trustee(s) complied, in all material respects, with the relevant requirements of the SIS Act and Regulations (Part B). In forming this opinion the auditor is required to obtain sufficient and appropriate audit evidence based on his/her assessment of risk.
Although the above may appear obvious to some, due to the complex and somewhat subjective nature of the SMSF audit, inconsistent opinions exist amongst auditors as to their audit obligations. In particular, there remains varying opinions regarding the scope of the audit, how to document the risk identification and assessment procedures, and the quality and quantity of audit evidence required.
Upon completion of this session attendees will have enhanced or consolidated their understanding of exactly what it is they are and are not forming an opinion on, the risk identification and assessment process, the linkage between risk and further audit procedures, and of critical importance….how to document this understanding and processs.
Auditors of all levels.
This workshop will cover the following:
- Legislative update and recent ATO pronouncements
- The scope of the audit - Audit what you're required to...nothing more, nothing less
- Key planning and risk procedures and how they may be used to streamline your audit
- Audit sampling and selection methods
- Key substantive testing procedures
- Tailoring your audit to the different SMSF risks
- Critical evidence and documentation requirements
- Auditor's reporting requirements and forming an opinion
About the Presenter – Ashley Course
Ashley is the Director of ARC Super, which specialises in the provision of SMSF audit, technical and training services. Ashley has extensive experience designing and developing audit software and programs and for the last eleven years has trained and developed audit content for the professional accounting bodies, accounting firms and software providers.