653 paragraphs found
This Guidance Statement is to be read in conjunction with, and is not a substitute for referring to the requirements and guidance contained in: the Australian Auditing Standards, in which references to the “auditor” includes an approved SMSF auditor …
This Guidance Statement does not provide guidance on auditing a defined benefit fund [11] as these funds are not prevalent as SMSFs. …
A SMSF meets the definition of a SMSF of the SISA [12] if: it has fewer than five members;; each individual trustee or director of the corporate trustee is a member of the fund, unless it is a single member fund, in which case the sole member is either: a …
A SMSF does not fail to satisfy the definition of a SMSF of the SISA [14] if: a member of the fund has died and the legal personal representative of the member is a trustee of the fund or a director of a body corporate that is the trustee of the fund, in …
An approved SMSF auditor [16] is a person who is registered as an approved SMSF auditor with ASIC [17] but does not include: a person for whom an order disqualifying or suspending the registration of that person from being an approved SMSF auditor is in …
The responsibilities of the SMSF’s trustee are contained in the SISA, SISR, and the governing rules of the fund. The trustee has ultimate responsibility for the compliance of the SMSF with the SISA and SISR and any other relevant legislation, such as the …
The trustee of a SMSF is required, under the SISA, to ensure that financial reports of the SMSF are prepared and signed for each year of income and that an approved SMSF auditor is appointed no later than 45 days before the due date for lodgement of the …
Accounting and financial reporting by SMSFs are governed by: AASB 1056 Superannuation Entities and other applicable Australian Accounting Standards (AAS); the SISA and the SISR [21] ; ATO publications and guidelines; the Fund’s Trust Deed; and AASB 2020-2 …
SMSFs are generally not considered reporting entities and, consequently prepare special purpose financial reports. SMSFs would not typically adopt AASB 1056. AASB 2020-2, issued in March 2020, removes the ability of certain for-profit private sector …
It remains the trustee’s responsibility to select the accounting framework and the auditor’s responsibility to assess the appropriateness of the framework [23] as part of the preconditions of accepting an engagement for the individual SMSF. Audits of …