218 paragraphs found
The nature of the audit procedures required to obtain sufficient appropriate audit evidence regarding a SMSF’s investments managed by, or under a custodial arrangement of, an IDPS or another service organisation, are a matter for the auditor’s …
The auditor’s preliminary assessment of materiality is based on qualitative and quantitative factors. Similarly, when assessing the outcome of audit procedures, including the materiality of misstatements identified in the financial audit or contraventions …
A SMSF audit rarely involves the authentication of documentation, nor is the auditor trained as, or expected to be, an expert in such authentication. However, ASA 500 and ASAE 3000 require the auditor to consider the reliability of the information to be …
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 …
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, …
… and time to conduct the audit in accordance with the Auditing Standards, applicable Standards on Assurance …
This Guidance Statement has been developed to identify, clarify and summarise the existing responsibilities which the auditor has with respect to conducting SMSF audits, and to provide guidance to the auditor on matters which the auditor considers when …
ASIC’s Regulatory Guide RG 148 Platforms that are managed investment schemes and nominee and custody services details the requirements of CO 13/762 and CO 13/763: RG 148.71 to 75 stipulates the requirement for IDPS operators to maintain, document and …
Often, the audit plan for a SMSF takes the form of a template which can be used to assist in maintaining quality control for the engagement as required by ASA 220. Standardised templates need to be tailored specifically to reflect the requirements of the …
Where data feeds are prepared via an aggregator (‘scraped data feeds’) the auditor considers evaluating the integrity of the data. The auditor considers whether conducting their own testing of the information collected via this form of data feed will …