Audit of SMSFs: Complex Audit Issues Workshop
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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.
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
Proficiency Level: Intermediate, Advanced
CPD: Upto 6 hours