Application

1

This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide guidance to auditors conducting:

  1. an audit of a self managed superannuation fund’s (SMSF’s) financial report[1], prepared as ‘Special Purpose Financial Statements’(SPFS) (financial audit); and
  2. an audit of a SMSF’s compliance with the Superannuation Industry (Supervision) Act 1993 (SISA) and the Superannuation Industry (Supervision) Regulations 1994 (SISR) (compliance engagement).

2

This Guidance Statement does not apply to audits of Australian Prudential Regulation Authority (APRA) regulated superannuation entities.[2]

1

Section 35B of the SISA requires the preparation of “accounts and statements,” expanded by Part 8 of the SISR. For a detailed discussion, refer to Trustee Responsibilities paragraphs 14 to 18 of this Guidance Statement.

2

Auditors of APRA regulated superannuation entities, particularly auditors of small APRA funds, may find this Guidance Statement useful in planning, conducting and reporting their audits, but it does not relate specifically to APRA funds.