This course is designed to help you understand 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.
The legislative framework that SMSF auditors must comply with
The responsibilities of auditors of SMSFs
How to apply the Auditing and Assurance Standards apply
The documentation, reporting requirements and expectations of the regulator of SMSFs (the Australian Taxation Office (ATO)) as well as the regulator of SMSF auditors (the Australian Securities and Investment Commission (ASIC))
Applicable Audit and Professional Standards
Audit planning and engagement
Risk assessment and response
Executing the audit
Contributions and rollovers
Reporting requirements and penalties
This course consists of one hard copy learning manual and one online assessment.
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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
This learning manual is designed for:
This learning manual fulfils the compulsory component within the SMSF Auditor competency requirements.