Audit of SMSFs: Complex Audit Issues Workshop

Delve into topical complex areas of SMSF Audits and stay informed on what the ATO’s focus is and the legislative changes. Keeping up to date with changes are vital to ensure that you are prepared to address complex issues.

The requirement to gather sufficient appropriate evidence upon which to base the auditor’s opinion has always been a legislative requirement, based on the outcome of recent litigation cases, this requirement has become even more critical. These cases have also highlighted the importance of understanding the broader scope of the SMSF audit and need to ensure the auditor’s reporting accurately reflects the circumstances surrounding each fund.

This workshop will use examples and case studies to highlight the impact on your SMSF audits of these cases as well as the latest changes in legislation and address complex audit issues typically faced by SMSF auditors. 

Series presenter, Ashley Course, Director of ARC Super, will cover:
  • ATO focus areas and issues of concern
  • Auditor independence and reciprocal auditing arrangements
  • Update on the SMSF audit 3 year cycle
  • The implication of recent litigation cases as well as legislative changes for the SMSF auditor
  • Pensions and member benefits – the usual issues and the impact of the TBA legislation
  • Related party investments and transactions
  • Issues associated with investments in private companies and trusts
  • Auditor’s requirements found in the auditing standards and ASIC competency requirements relating to client acceptance, planning, risk identification and assessment
  • The auditor’s reporting requirements when sufficient evidence does not exist or where there is conflict between evidence obtained.
Learning Outcomes:

Upon satisfactory completion of this activity you will be able to:
  • Work through and deal with complex issues common in SMSF audits
  • Apply the recent changes in your SMSF audit procedures
  • Demonstrate the impact of recent issues and legislative changes on the auditor’s procedures
  • Structure your audit file and audit approach to address the ATO’s focus areas and the auditor’s reporting requirements when sufficient evidence does not exist or where there is conflict between evidence obtained.

This one day intensive workshop is aimed at those senior finance leaders and audit practitioners who are involved in preparing or reviewing impairment calculations based on using value in use and fair value methodologies. 

This one day intensive workshop equips you with the understanding of the importance of:
  • ensuring the audit file contains sufficient / appropriate evidence
  • the auditor’s report accurately reflects the circumstances associated with each fund.


Topic: Financial Advisory and Superannuation

Sub-Topic: Self-Managed Superannuation Funds

Format: Workshop

Proficiency Level: Intermediate, Advanced

CPD: Upto 6 hours