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SMSF Audit - SIS Compliance Series


Come to grips with the compliance aspects of a Self-Managed Superannuation Fund (SMSF) audit throughout this webinar series.

Refresh your knowledge and stay up-to-date with the latest SIS compliance rules and compliance audit requirements to ensure your clients' SMSF audits are in safe hands.

Content Description



This webinar series may assist you to prepare for the ASIC exam, and supports you in fulfilling the professional accounting bodies' ongoing audit competency requirements (Regulation CR 7), by addressing the compliance aspects of an SMSF audit and keeping you up-to-date with the latest standards and compliance rulings.



Session Timetable



Session NumberDateTime
Session 1Thursday 7 March 20192 - 3pm AEST
Session 2Thursday 14 March 20192 - 3pm AEST
Session 3Thursday 21 March 20192 - 3pm AEST
Session 4Thursday 28 March 20192 - 3pm AEST
Session 5Thursday 4 April 20192 - 3pm AEST
Session 6Thursday 11 April 20192 - 3pm AEST
Session 7Thursday 18 April 20192 - 3pm AEST
Session 8Thursday 24 April 20192 - 3pm AEST


Additional Information



Designed for aspiring or existing SMSF auditors who work within small to medium accounting firms providing SMSF audits, this webinar series addresses compliance issues as it explores the audit scenaries you may encounter in conducting SMSF audits using practical scenarios..

Session 1 - Auditing SMSF Administration

This session will identify what aspects of SMSF administration you need to assess as an auditor and provide practical guidance on how you can audit fund administration efficiently and effectively. Refresh your knowledge and the definition of a SMSF, disqualification of trustees and trustee administration and record keeping obligations.


Session 2 - Auditing SMSF Contributions

This session will address the contributions section of your SMSF audit. The superannuation contribution rules are a constantly changing area. As an SMSF auditor, you need to stay on top of the limits and restrictions on whether or not the SMSF can accept the contributions, and the taxation consequences of contributions.


Session 3 - Auditing SMSF Investments (1)

This session will enhance your SMSF audits by introducing you to investments, looking at some of the broad investment rules, including:

- Sole purpose test

- Investment Strategy

- Asset separation

- Arms length arrangements

- Provision of Financial Assistance to members.


Session 4 - Auditing SMSF Investments (2)

This session will cover specific investment rules you need to consider in your audit, as they apply to:

- SMSF Borrowings

- Limited Recourse Borrowing Arrangements

- Collectively & Personal Use Assets

- "Other" unusual investments such as Livestock, Bullion and Bitcoin.


Session 5 - Auditing SMSF Investments (3)

This session will address SMSF Investments - In House Assets and Related Parties, one of the most complex areas of SMSF investment rules and one of the most complex areas of your audit. Consider Identification of In House Assets, the various transitional rules or In House Asset exceptions that apply and identification of contraventions of the In House Assets rules.


Session 6 - Auditing SMSF Benefit Payments (1)

This session will look at benefit payments and the impact on your audit:

- When monies can be withdrawn from super

- What are the income tax consequences for the SMSF

- Minimum pension standards

- Failure to pay minimum pensions and ATO discretion

- Tax, accounting and audit implications of mistakes or errors.


Session 7 - Auditing SMSF Benefit Payments (2)

This session will address the more advanced benefit payments that may be part of your audit. Special circumstances benefit payments may not occur in every SMSF audit, but there are additional audit requirements that you as an auditor should cover when looking at auditing SMSFs that have led to:

- The death of a member

- Members in the family separation / divorce

- Winding up the SMSF


Session 8 - SMSF Auditor Reporting

This session will conclude the series by looking at the auditor's obligations in forming an opinion and making reports to the trustees and the regulators. Have you met your legislative obligations?

Come to grips with the compliance aspects of a Self-Managed Superannuation Fund (SMSF) audit throughout this webinar series.

Refresh your knowledge and stay up-to-date with the latest SIS compliance rules and compliance audit requirements to ensure your clients' SMSF audits are in safe hands.


EVENT DETAILS


Topic: Audit & Assurance

Sub-Topic: Auditor Liability, Self-Managed Superannuation Funds, Superannuation

Format: Webinar

Proficiency Level: Intermediate, Advanced

CPD: 8 hours