SMSF Audit: SIS Compliance Series
Come to grips with the compliance aspects of a Self-Managed Superannuation Fund (SMSF) audit through this live 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.
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.
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 1: Auditing SMSF Administration
This session will identify what aspects of SMSF administration you need to assess as auditor and provide practical guidance on how you can audit fund administration efficiently and effectively. Refresh your knowledge of the definition of a SMSF, disqualification of trustees and trustee administration and record keeping obligations.
At the conclusion attendees will have a clear understanding of the SIS compliance requirements in relation to fund administration and record keeping. As well as an understanding of when a fund has failed the basic definitions of a SMSF and an Australian Superannuation Fund and is eligible for income tax concessions.
Session 2: Auditing SMSF Contributions
This session will address the contributions section of your SMSF audit. The superannuation contribution rules are constantly changing area. As SMSF auditor you need to stay on top of the limits and restrictions on whether the SMSF can accept the contributions, and the taxation consequences of contributions
At the conclusion attendees will have a clear understanding of the different types of contributions and their taxation consequences. As well as the SIS requirements about when a SMSF can accept the different types of contributions and when a contravention occurs.
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
- Arm’s length arrangements
- Provision of Financial Assistance to members.
At the conclusion of the session attendees will have a clear understanding of the basic investment rules that apply to SMSFs. The different types of audit issues that can arise and how to ensure that they have sufficient appropriate audit evidence.
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
- Collectible & Personal Use Assets
- “Other” unusual investments such as Livestock, Bullion and Bitcoin.
At the conclusion attendees will have a clear understanding of auditing loans and borrowings, the documentation that is required and SIS compliance issues. As well as the unique audit issues that can arise with the more ‘unusual’ types of investments that a fund may make.
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 Asset rules
At the conclusion attendees will have an in-depth knowledge of this complex area of SIS investment law. They will be able to identify a related party and identify in house assets and when a contravention occurs.
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.
At the conclusion attendees will have a clear understanding of the conditions of release that must be present for monies to be withdrawn from super. As well as the key tax and accounting risks that must be addressed.
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 auditor should cover when looking at auditing SMSFs that have had:
- The death of a member
- Members in family separation/divorce
- Winding up the SMSF.
At the conclusion, the attendees will have an in-depth knowledge of the audit requirements that are present when auditing these unique benefit payments. As well as the SIS compliance and taxation consequences of these types of benefit payments.
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?
At the conclusion, the auditor will have an in-depth knowledge of their reporting obligations, to trustees and the ATO. As well as an understanding of the likely outcomes from reporting SIS contraventions.
Upon satisfactory completion of this activity you will be able to:
- Apply the skills and knowledge to conduct an audit under the current SIS compliance audit requirements and identify with their application
- Identify the impact of new compliance audit requirements and any new legislative changes
- Have the practical knowledge to address some of the more challenging scenarios you may face in conducting SMSF audits
- Clearly recognise the auditor’s reporting obligations.
Designed for aspiring or existing SMSF auditors who work within small to medium accounting firms providing SMSF audits, this workshop is address compliance issues as it explores the audit scenarios you may encounter in conducting SMSF audits using practical scenarios.
Partner, Superannuation, BDO
Shirley is an auditor by training and a SMSF expert by choice. She established a separate Superannuation division at BDO in 1996, recognizing the need to provide high quality technical services to clients with self-managed superannuation funds.
Shirley is a regular speaker at SMSF & Audit conferences. She provides SMSF competency training for accountants and auditors and is the co-author of the Thomson Reuters SMSF Audit Guide. Shirley is the winner of the multiple SMSF and SMSF audit awards in 2017 & 2018.>/p>
Topic: Audit & Assurance
Sub-Topic: Self-Managed Superannuation Funds
Format: Recorded Webinar
Proficiency Level: All
CPD: Upto 8 hours