218 paragraphs found
Recent case law Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502; Cam & Bear Pty Ltd v McGoldrick [2018] NSWCA 110, indicates SMSF auditors have ‘significant ability to detect and prevent loss’ and ‘to protect the (audit) fund against …
In addition, approved SMSF auditors may be subject to competency requirements, for the audit of SMSFs, by virtue of their membership of a professional body. For example, members of CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ) …
… those which are imposed by the SISA, SISR, Australian Auditing Standards (Auditing Standards or ASAs), Standards on Assurance …
… professional judgement in determining the appropriate auditing procedures. …
Where the SMSF auditor is unable to obtain sufficient appropriate audit evidence regarding the custodial services provided by the service organisation relevant to the audit of the SMSF’s financial report, a limitation on the scope of the audit may exist. …
ASA 230 requires the auditor, in documenting the nature, timing and extent of audit procedures, to record by whom and when the audit work was performed and, if applicable, who reviewed the audit work and the extent of the …
The auditor uses the preliminary quantitative materiality level and the assessed risk of material misstatement at both the financial report level and at the assertion level, for classes of transactions and account balances, to determine the nature, timing …
Under ASA 210, the auditor is required to agree the terms of the audit engagement in writing with the SMSF trustee prior to conducting the audit. This is usually in the form of an engagement letter to the trustee. ASA 210 provides guidance on the …
Adequate planning: ensures appropriate attention to important areas of the audit engagement; identifies potential problems on a timely basis; assists in the proper organisation and management of the audit engagement in order for it to be performed in an …
With respect to the appropriateness of the service auditor’s work, the auditor considers whether: controls, balances, transactions or compliance with requirements relevant to the SMSF have been audited; an audit opinion, providing reasonable assurance, or …