This on-demand session is available to watch instantly after purchase at the time of your choosing and will expire within 12 Months of purchase.
Date recorded: September 2023
The audit of self managed superannuation funds (SMSFs) are only able to be conducted by auditors registered with ASIC. Shirley will take you through some practical examples of your obligations as auditors and provide tools and resources to ensure compliance with the latest regulations, standards, and best practices.
Topics Covered:
- Auditor independence & competency standards
- Auditing Standards
- Planning the audit
- Conducting the audit – key risk areas
- Completing the audit & auditor reporting
Critical Areas Covered:
- Compliance with Legislation and Regulations:Ensure that the SMSF is compliant with all relevant legislative and regulatory requirements, including changes or updates that may have occurred in 2023.
- Contributions and Contributions Caps: Confirm that member contributions are within the allowable contribution caps and assess compliance with contribution rules, including concessional and non-concessional contributions.
- Borrowing and Limited Recourse Borrowing Arrangements (LRBAs):Assess compliance with borrowing rules, especially in relation to LRBAs, ensuring they are structured and maintained in accordance with the law.
- Financial Statements and Accounting Records:Scrutinize the accuracy and completeness of financial statements, accounting records, and transaction documentation, ensuring they are in accordance with accounting standards and provide a true and fair view of the fund's financial position.
- Laws Related to COVID-19 Relief Measures:Assess compliance with any temporary relief measures or changes in regulations related to the COVID-19 pandemic, if applicable in 2023.
By focusing on these critical areas during the audit, auditors can effectively evaluate the compliance, financial health, and operational aspects of the SMSF in 2023. It's important to stay updated with the latest regulatory changes and guidelines to conduct a comprehensive and compliant audit.
Benefits and Learning Outcomes:
On completion of this course attendees will have an understanding of the role of the auditor in SMSF audits and the auditor’s professional obligations under the ASIC Registration and the IPA’s SMSF Auditor competency standards.
Recommended For:
This workshop is recommended for practitioners and their staff with little or no SMSF audit experience or for those in smaller public practices.
