Financial audit

You must conduct a financial audit in accordance with the Auditing and Assurance Standards Board (AUASB) Australian Auditing Standards (ASAs)External Link. You must then express an opinion on the financial report, based on your audit findings. When undertaking the financial audit you should:

  • prepare and document the audit plan, which details the audit approach to be undertaken
  • identify the nature, timing and extent of audit procedures necessary to gather sufficient evidence to support the statements
  • gather evidence to support the financial statement assertions for material account balances and transactions
  • conduct testing of the assertions made in the financial reports about the:
    • existence of assets, entitlements and liabilities
    • occurrence of transactions
    • completeness of transactions, events and assets being recorded
    • ownership, rights and obligations the SMSF has for assets, entitlements and liabilities
    • accuracy and valuation of data amounts recorded
    • classification of relevant events to correct accounts
  • based on evidence gathered and checks performed, form an opinion about the fair presentation of the financial report for the reporting period and report your opinion in the approved form Self-managed superannuation fund independent auditor's report (NAT 11466).
  • document and retain audit working papers to enable another auditor who has had no previous involvement with the audit to gain an understanding of the work performed and the opinion reached.
  • Trustees must produce, as a minimum, a statement of financial position and an operating statement. Defined benefit funds require a statement of net assets and statement of changes in net assets. The audit report opinion should be based on financial statements signed by trustees in accordance with section 35B of the SISA.

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Last modified: 16 Jun 2015QC 45564