263 paragraphs found
… revenue is not being accounted for in accordance with the SMSF’s accounting policies; misstatement of changes in … is ordinarily considered a significant risk for a SMSF. …
… about classes of transactions and events reflected in the SMSF’s operating statement for the period under audit: … that have been recorded have occurred and pertain to the SMSF. Completeness - transactions and events that should … applicable financial reporting framework. Assertions about SMSF account balances, and related disclosures reflected in …
… In general, this may mean one of the parties exits the SMSF. Where there is a two member SMSF, the exiting member may take part of the other party’s … payments are maintained. If a member exits the SMSF, the remaining trustee needs to ensure compliance with …
… An IHA of a SMSF is an asset that is a loan to a ‘related party’ … party, an investment in a related trust, or an asset of the SMSF subject to a lease between the trustees and a related party of the SMSF. [168] A related trust is a trust that a member or …
… under the SISA to: provide an auditor’s report on the SMSF’s operations for the year to the trustee in the … or in connection with the performance of, the audit of the SMSF, that: any contraventions of the SISA or SISR may have … occurred, may be occurring or may occur in relation to the SMSF (section 129 of the SISA); or the financial position of …
… A binding death benefit nomination for a SMSF must be made in accordance with the provisions of the … death benefit payment decision. In circumstances where a SMSF has paid a death benefit during the period under …
… To protect the value of their assets, SMSFs may obtain insurance cover over the assets. In … auditor obtains evidence that: the insurance exists; the SMSF is both the owner of the asset and the beneficiary of the policy; the premium is paid by the SMSF; and the cover is adequate and current. …
… Some SMSFs account for deferred income taxes in accordance with … assesses the impact of that accounting standard on the SMSF. Ordinarily, the auditor considers whether the … on the age of the members and the circumstances of the SMSF. As most SMSFs adopt a special purpose framework for …
… [60] If the firm’s staff make management decisions for the SMSF, which may occur if the firm is providing administrative services to the SMSF, there are no safeguards available to the firm to …
… and that the investment is not putting the assets of the SMSF at risk. Derivatives, due to their inherent nature, may … risk and involve borrowings that may have recourse to the SMSF. Where the auditor is unsure of the legality of the …