263 paragraphs found
… also provide information in the ACR to the ATO about the SMSF or a trustee of the SMSF, if the auditor considers it will assist the ATO in …
… In-specie contributions are contributions to a SMSF where a physical asset (for example, a commercial … (for example, a share or an option) are contributed to the SMSF on behalf of a member without any cash being exchanged. …
… The audit assertions for auditing a SMSF’s cash and cash equivalents are: Existence – obtaining … that the cash is owned directly or beneficially by the SMSF. Completeness – obtaining evidence that all cash owned by the SMSF is recorded. Valuation and allocation – obtaining …
… In general, it is likely to be cost prohibitive for a SMSF auditor to undertake assurance procedures directly of an IDPS control environment. Where appropriate the SMSF auditor obtains the ASIC Class Order CO 13/763 … judgment, determines an appropriate risk assessment for the SMSF audit. The risk assessment for the audit determines the …
… The audit assertions with respect to a SMSF’s expenses are: Occurrence – expenses recorded by the SMSF were incurred. Completeness – expenses incurred by the SMSF have been recorded. Accuracy – expenses have been …
… used by the preparer of the financial report for the SMSF. It is common to see the use of technology for data … this may influence the risk assessment undertaken by the SMSF auditor. …
… If the SMSF accounts on an accruals basis and invests in managed … post balance date, the auditor verifies that the SMSF has accrued these distributions of income correctly and …
… If a SMSF is a reporting entity, or where its trust deed, created … with the Australian Accounting Standards (AAS), the SMSF is required to prepare a GPFR and adhere to the AAS in …
… auditor sends bank audit confirmation requests [87] to the SMSF’s banks. A bank audit confirmation is a request to a … confirmation for audit purposes of such information as the SMSF’s account balances, securities, treasury management … other related information held by the bank on behalf of the SMSF. The confirmation will also seek to identify any …
… The audit assertions for auditing a SMSF’s investments are: Existence – obtaining evidence that … the investments are owned directly or beneficially by the SMSF. Completeness – obtaining evidence that investments owned by the SMSF are recorded in the accounts. Accuracy, valuation and …