653 paragraphs found
The Independence Standards in Parts 4A and 4B of the Code set out requirements and application material on how to apply the conceptual framework in the Code to maintain independence when performing audits, reviews or other assurance …
When assessing independence, the auditor: [54] identifies any threats to compliance with the fundamental principles (and independence); evaluates whether the identified threats are at an acceptable level; and addresses any identified threats that are not …
Identifying threats to the fundamental principles (and independence) requires an understanding by the auditor of the facts and circumstances, including any professional activities, interests and relationships that might compromise compliance with the …
Threats to compliance with the fundamental principles (and independence) must be evaluated by the auditor as to whether the threats are at an acceptable level, being a level at which the auditor, using the reasonable and informed third party test, would …
In evaluating threats to independence the auditor considers the nature of the SMSF, the range of services provided to the audit client and the relationships the auditor and the audit team have with the SMSF’s trustee, financial adviser, accountants, …
Depending on the facts and circumstances, a threat might be addressed by eliminating the circumstances creating the threat. However, in some situations the only way to address the threat is to decline or end the engagement, as the circumstances that …
As outlined in Section 8.4 of the Independence Guide – Fifth Edition, May 2020 (Independence Guide) the following scenarios involving SMSFs would always result in independence requirements being breached. In each of these cases, it would be expected that …
In addition, an auditor should not audit the SMSF where a relative or a related party of the auditor is a member/trustee of that SMSF or where the auditor has a close personal relationship. Where an audit team member on the audit of a SMSF has a close …
A firm (or network firm) must not assume a management responsibility for an audit client. [60] If the firm’s staff make management decisions for the SMSF, which may occur if the firm is providing administrative services to the SMSF, there are no …
A firm (or network firm) must not provide to a SMSF any accounting and bookkeeping services, including preparing the financial statements that the firm will be auditing or financial information which forms the basis of such financial statements, unless: …