These audits often face different risks due to the size of the finance team and perceived lack of controls. Consequently there is specific focus on how the audit methodology should be scaled and adapted to ensure the auditor meets their obligations as well as the requirements of the auditing standards, in this specific scenario of a smaller entity.

With a strong practical focus, this manual compliments the Small Entities Audit Manual (SEAM).

Key benefits for learners:

  • Understanding of the Australian Auditing Standards
  • An understanding of how to make audits more effective and efficient
  • An awareness of the risk based audit approach
  • An understanding of the linkage between risks, controls and audit approach
  • An awareness of the available resources to assist with audits of smaller entities
  • Career development
  • Recognition of professional ability

Key benefits for organisations:

  • Compliance with Australian Auditing Standards
  • Less non-compliances following professional inspections
  • More effective and efficient audits for smaller entities through improved knowledge and awareness of available resources
  • Preparation of better working papers
  • Risk focussed audits

This learning manual fulfils the compulsory component within the CPA Australia competency requirements for SMSF Auditors, which consists of 30 hours structured training every three years.

This training must include:

  • eight hours of superannuation training
  • eight hours of compliance or financial statement audit training
  • four hours of financial accounting training

This course consists of one hard copy learning manual and one online assessment.

Want to know more? Click below to view a sample of the learning manual:

Learning objectives

  • How to outline the auditor's role and the key ethical and independence-related considerations in conducting an audit of a small entity
  • The importance of auditor judgement and the application of scepticism to an audit of a smaller entity
  • The requirements for a system of quality control to be kept by an auditor.
  • The importance of the engagement letter and the management representation letter to the audit
  • How to explain and apply the key requirements of the Auditing Standards applicable to each phase of the audit for smaller entities
  • How to explain the importance and requirements of audit documentation


This learning manual is designed for

  • public practitioners
  • auditors/members working in SMEs who audit small businesses and not for profit entities (e.g. sports clubs, associations, companies limited by guarantee, aged care facilities, groups and organisations)

365 Days