263 paragraphs found
… The use of a service organisation by a SMSF may render the audit evidence required less readily … some of the record keeping or compliance functions of the SMSF. The location of audit evidence at the service … of the financial audit and compliance engagement of the SMSF. It remains the responsibility of the auditor to obtain …
… 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 family member (parent, child or sibling who …
… regarding cash transactions, the auditor may request the SMSF trustee to request the financial institution to provide … are issued to the trustee. This can be done through the SMSF’s internet banking whereby the auditor has a personalised log-in that allows access to the SMSF bank accounts only. …
… If the SMSF is technically insolvent, the auditor ascertains … technical insolvency program initiated, to ensure that the SMSF is in a solvent position within five years, or … whether any technical insolvency program enables the SMSF to continue as a going concern. If winding-up …
… the auditor at least 45 days prior to the date that the SMSF annual return is due to be lodged. [68] Either the … in the selection and appointment of the auditor or the SMSF’s accountants, administrators or financial planners may … with the sourcing and recruitment of an auditor for the SMSF. In either case, the trustee approves the appointment …
… it is updated to reflect the current circumstances of the SMSF and any changes in legislation that may affect the SMSF. …
… The audit assertions with respect to a SMSF’s liabilities are: Existence – the liabilities exist. … (ownership) – the liabilities are obligations of the SMSF. Completeness – liabilities of the SMSF have been recorded. Accuracy, valuation and allocation …
… In auditing the existence of SMSF’s assets, the auditor may either physically inspect the … custodian, the auditor also obtains audit evidence that the SMSF is the beneficial owner and that the assets are being held on behalf of the SMSF. Evidence of beneficial ownership may include an …
… to benefits paid are: Occurrence – benefits recorded by the SMSF as paid have been paid. Completeness – benefits paid or payable, if appropriate, by the SMSF have been recorded. Accuracy – benefits paid by the SMSF have been calculated appropriately. The minimum annual …
… Expenses incurred by a SMSF may be deductible by the SMSF under the ITAA subject to the normal principles … deductibility and that they were incurred by the SMSF and were not personal in nature, or if they were …