263 paragraphs found
… 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 …
… The SISR [143] requires the trustees of a SMSF to formulate, regularly review and give effect to an … strategy that has regard to all the circumstances of the SMSF, including: the risk involved in making, holding and realising, and the likely return from, the SMSF’s investments, having regard to its objectives and …
… the IDPS operator or service organisation maintains the SMSF’s accounting records, including source documentation, … on the mandate, and holds the investments on behalf of the SMSF under a custodial arrangement, the SMSF may maintain only limited independent accounting …
… to independence the auditor considers the nature of the SMSF, the range of services provided to the audit client and … relationships the auditor and the audit team have with the SMSF’s trustee, financial adviser, accountants, … involved with the management or operation of the SMSF. …
… at https://www.ato.gov.au/super/self-managed-super-funds/smsf-auditors/auditing-an-smsf/compliance-audit/ …
… Where the SMSF auditor is unable to obtain sufficient appropriate … by the service organisation relevant to the audit of the SMSF’s financial report, a limitation on the scope of the audit may exist. Whether the SMSF auditor expresses a qualified opinion or disclaims an …
… The auditor reviews the ownership of the SMSF’s assets to ensure that a charge or other form of security has not been taken over any of the SMSF’s assets to secure a member’s or relative’s borrowings, … This may require performing a title search for the SMSF’s real property to identify any encumbrances. …
… arrangements are complex financial arrangements whereby the SMSF buys an asset via a limited recourse agreement where … is characterised by an asset held in trust for the SMSF, where the SMSF holds an interest in the income and the rights to …
… If the trustee decides to wind up the SMSF, the SMSF still needs to be audited for the relevant financial …
… The auditor is concerned with whether the net assets of the SMSF exceed the vested benefits, which are payable to … in net assets with respect to vested benefits the SMSF may not be a going concern, so the auditor undertakes … program is in place and assessing whether it enables the SMSF to continue as a going concern. The trustee is required …