$330 – $440

SMSF Audit - Advanced Audit & Legislative Update

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433 Logan Road

Stones Corner, QLD 4120

Australia

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Description

SMSF Audit - Advanced Audit & Legislative Update

Introduction & Overview

In addition to discussing the recent legislative changes and their impact on the auditor’s obligations, this session will address:


1. Increasing audit (and accounting) efficiency
With an ongoing drive to reduce accounting and audit fees combined with ever-increasing operating costs, a significant issue facing SMSF professionals is how to increase audit (and accounting) efficiency without detracting from compliance.
This session will discuss a number of very easy ways to increase efficiency and reduce costs, along with important factors to consider, without detracting from quality and compliance.


2. Complex and unusual situations faced by SMSF auditors
SMSF auditors often encounter complex situations leaving them confused and scared of the possible consequences of ‘getting it wrong’. The most likely reason for this confusion, fear or apprehension is the fact that such complex funds are not encountered regularly and the surrounding legislation is confusing.
The implication being that when auditors do take on audits of this nature they find themselves spending a lot of time re-learning the associated legislation to ensure they are doing the audit correctly. They find themselves unsure as to how far they need to go to obtain evidence, and not sure of their reporting requirements
Unfortunately, with these type of audits there is often no simple solution. Auditor’s will need to place a lot more reliance on their professional judgement. Using a series of case studies, this session will cover some of these complex situations auditors will face. It will discuss the key legislative requirements relating to each, and the mandatory audit standard requirements. The session will discuss the key planning, risk identification and assessment procedures, substantive testing procedures including evidence requirements, as well as the auditor’s reporting requirements.
This session will aim to provide auditors with greater peace of mind regarding their professional judgment exercised in each situation.

Learning Objectives

Upon completion of this session attendees will consolidate their understanding of the legislative requirements relating to a range of complex situations. They will learn the auditing standard requirements in order to develop confidence in their ability to issue the appropriate report in each circumstance.

Recommended For

Intermediate to advanced SMSF auditors and accountants.

Topics Covered

This workshop will cover the following:

1. Legislative changes and the impact on the SMSF audit

2. Increasing audit efficiency without detracting from compliance, including:
- Understanding the scope of the audit
- Use of technology to improve efficiency
- Data fed information ... risks, issues and ability to rely upon
- The use of alternative substantive procedures

3. Case studies addressing the legislative requirements, risks and procedures relating to:
- Related party and private company and trust investments & transactions
- Property development by the SMSF
- Pensions and member benefits

4. Substantive testing procedures...these extend beyond inspection of detail
- How far do you need to go to get evidence?
- What if the accountants' / trustees' evidence appears unreasonable?
- What if I can't obtain appropriate evidence?

5. Audit reporting requirements .... What do I do when???


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.

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Location

433 Logan Road

Stones Corner, QLD 4120

Australia

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