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  • Financial audit

    You must conduct your financial audit in accordance with the Australian Auditing Standards (ASAs)External Link issued by the Auditing and Assurance Standards Board (AUASB).

    The relevant auditing standards are outlined under GS 009: Auditing Self-Managed Superannuation Funds (PDF 1.39MB)This link will download a file in the AUASB Guidance StatementsExternal Link.

    When undertaking the financial audit you should:

    • prepare and document the audit plan in writing, which details the approach to be undertaken
    • identify the nature, timing and extent of audit procedures used to address the risk that financial statements are materially misstated
    • gather appropriate evidence to support assertions for material account balances and transactions in signed financial statements. This includes evidence that assets are valued at market value and any non-arm's length income has been identified
    • conduct testing of the assertions made in the signed 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
    • review the fund's tax calculation and allocation of any tax expense or benefit to the member's accounts. This includes checking whether the fund has
      • correctly classified income (for example, correctly report income as ordinary, statutory, exempt current pension income or arm's length/non-arm's length income)
      • incurred any deductions claimed
      • any imputation credits, carried forward losses and other offsets attributable to the fund
      • correctly classified the tax status of contributions
      • complied with regulatory laws that may otherwise impact their ability to claim concessional taxation treatment
    • document your conclusions, opinions and judgments based on the evidence obtained. There should be sufficient audit working papers to allow another auditor who has had no previous involvement with the audit to understand the work performed and the opinion reached
    • form an opinion about the fair presentation of the fiancial report based on evidence gathered and checks performed. Your opinion should be reported in the approved Self-managed superannuation fund independent auditor's report (NAT 11466) form for the relevant reporting period.
    Last modified: 04 Mar 2019QC 45564