This course has been updated in June 2020 and is designed to enhance your knowledge of the requirements surrounding the audit of SMSFs.
Description
This course has been updated in June 2020 and is designed to enhance your knowledge of the requirements in respect of the audit of self-managed superannuation funds (SMSFs). You will be provided with technical information and follow a case study that highlights the key audit issues faced by SMSF auditors in their day-to-day practice.
Key topics:
- The framework for SMSF audits
- Regulator and professional body requirements for SMSF auditors
- Applicable audit and professional standards
- Legislative background
- Audit planning and engagement
- Risk assessment and response
- Executing the audit
- Contributions and rollovers
- Benefit payments
- Reporting requirements and penalties
This course consists of one online course, a downloadable PDF, and one multiple choice assessment.
Learning objectives
- Explain the regulator and professional body requirements for an SMSF auditor
- Discuss and apply the relevant Professional and Ethical Standards and Auditing Standards relevant to SMSF audits
- Discuss and apply the superannuation legislation and regulations relevant to SMSF audits
- Define what is required for a superfund to be an SMSF
- Apply the key steps and considerations in planning and executing an SMSF audit
- Apply the reporting requirements in relation to an SMSF audit
- Identify the requirements of an effective audit file and document retention requirements
Audience
This course is designed for SMSF auditors and public practitioners.
This course fulfils the compulsory component within the CPA Australia competency requirements for SMSF Auditors, which consists of 30 hours CPD every three years.
Refer to CPA Australia website for further information: