263 paragraphs found
… SMSFs are not permitted to use the assets of the SMSF to secure a debt facility [192] and, hence, charges and … for charges, title searches on properties of the SMSF to identify any charges or liens, the Personal …
… to assess the likelihood of material misstatement of the SMSF accounts. Matters to be considered may include the following: length of time the SMSF has held the investment; evidence regarding the … purchase and any subsequent additional investment by the SMSF; any third party sales or purchases of the investment …
… 2020 (Independence Guide) the following scenarios involving SMSFs would always result in independence requirements being … decline the audit engagement: an auditor cannot audit a SMSF where the auditor, their staff or their firm has prepared the financial statements for the SMSF unless it is a routine or mechanical service; [55] an …
… The responsibilities of the SMSF’s trustee are contained in the SISA, SISR, and the … has ultimate responsibility for the compliance of the SMSF with the SISA and SISR and any other relevant … legislation, such as the taxation legislation affecting SMSFs. Certain covenants affecting the behaviour of the …
… In gaining this preliminary understanding of the SMSF, the auditor reviews the fund’s current governing rules … the fund’s governing rules were properly executed; the SMSF has current and appropriately empowered trustee; the SMSF was established with either a corporate trustee or …
… The audit assertions with respect to a SMSF’s accrued benefits are: Existence – the accrued … (ownership) – the accrued benefits are obligations of the SMSF. Completeness – accrued benefits of each member of the SMSF have been recorded. Valuation and allocation – accrued …
… Since 1 July 2017, SMSFs that are classified as having disregarded small fund … whether the fund is 100 per cent in the retirement phase. A SMSF has disregarded small fund assets if at least one fund … a retirement phase income stream from any source. A SMSF can have disregarded small assets even if no members …
… Cash and cash equivalents are a SMSF’s most liquid assets and so may carry a high fraud … alert to fraud and the risk of fraud with respect to the SMSF’s bank accounts. The auditor assesses the internal … payments and receipts to ascertain whether the cash of the SMSF is safeguarded adequately. The auditor remains …
… organisation, with accounting records maintained by the SMSF, and, the SMSF has access to the source documentation, the end of … organisation along with analytical review procedures of the SMSF’s investment activity, the auditor may be able to …
… information, including information on the ATO’s electronic SMSF audit tool (eSAT) for use in conducting the compliance … at https://www.ato.gov.au/Super/Self-managed-super-funds/SMSF-auditors . …