263 paragraphs found
… preconditions of accepting an engagement for the individual SMSF. Audits of funds from 1 July 2021 require an additional … appropriateness of the accounting framework adopted by the SMSF in light of AASB 2020-2. Further consideration may be required when applying GS 009 to the audit of a SMSF that is required to prepare the financial report under …
… remains alert to circumstances which indicate that the SMSF is running a business or conducting operations which … test. Indications that a business is being conducted by the SMSF may include revenues from trading activities, employing … the allowable benefits to members or beneficiaries of the SMSF, as there is an inherent risk that running a business …
… information from knowledgeable persons, either within the SMSF or outside the SMSF. Enquiry is an audit procedure that is used extensively …
… can be found on the ATO’s website: www.ato.gov.au/Forms/SMSF-independent-auditor-s-report . …
… In assessing whether a SMSF has complied with the sole purpose test, the auditor may refer to the ATO’s Ruling SMSFR 2008/2 [147] on the application of the sole purpose test to circumstances where the SMSF is maintained for the purposes prescribed while …
… the fair presentation of the financial report of the SMSF for the reporting period, in accordance with stated … consistent with the financial reporting requirements of the SMSF’s governing rules, compliant with the SISA and SISR and …
… limits on the level of IHA permitted to be held by the SMSF. The market value of the IHA must not exceed 5 per cent of the total market value of the SMSF’s assets at the time of acquisition [171] and at year … cent ratio. The auditor examines the investments of the SMSF to identify potential IHA to ensure that the …
… In addition, approved SMSF auditors may be subject to competency requirements, for the audit of SMSFs, by virtue of their membership of a professional body. … competency requirements [29] when accepting and conducting SMSF audits. These include requirements to hold a practising …
… 2 report on controls can be relied on to the extent the SMSF auditor can map the tests of controls against the assertions in the service provider’s assurance report. SMSF auditors need to ensure that any report issued complies …
… A reserve is an amount held within a SMSF that is not allocated specifically to members. … are permitted unless specifically prohibited under a SMSF’s governing rules. Prior to 1 July 2017, a wide range of reserves were used by some SMSFs as follows: investment smoothing; anti-detriment; …