263 paragraphs found
… In conducting a SMSF audit, the auditor obtains a preliminary understanding of the SMSF, including the SMSF’s trust structure, nature of its investments and …
… are required [180] to keep the money and the assets of the SMSF separate from their personal or business assets of the … employer-sponsors. The auditor examines the affairs of the SMSF to identify possible situations where the assets of the SMSF may have become intermingled with assets of the …
… The trustees of a SMSF are required to maintain the fund in a manner that … complies with the sole purpose test at all times while the SMSF is in existence. This extends to all activities of the SMSF including: accepting contributions; acquiring and …
… according to: the size, structure and complexity of the SMSF; whether the SMSF contravened the SISA or SISR in prior years; whether the SMSF is an accumulation fund or a pension fund or a …
… The audit assertions for revenue received by a SMSF are: Occurrence – revenue received by the SMSF is real and has occurred. Completeness – revenue received by the SMSF has been recorded. Accuracy – revenue received by the …
… The ATO has published a Checklist for SMSF Auditors which is designed to assist SMSF Auditors to understand what the ATO ordinarily … sufficient and appropriate audit documentation for a SMSF financial report audit. …
… To view a SMSF as a going concern, the SMSF is expected to be able to pay its debts as and when … to liquidate or otherwise wind up its operations. For a SMSF, the primary concern is whether the SMSF will be able …
… In auditing the SMSF’s compliance with the requirements regarding establishment and operation of the SMSF, the auditor conducts testing to determine that: the SMSF meets the definition of a SMSF; the trustees are not …
… The auditor confirms that the SMSF maintains a separate bank account for all fund monies … ascertain that dividends, interest and other income of the SMSF are not banked into personal or business accounts, … of bank accounts as well as conducting the affairs of the SMSF. The auditor may test that dividends declared for …
… the auditor ordinarily reviews the ownership of the SMSF’s assets to ensure that a charge, or other form of security, has not been taken over any of the SMSF’s assets. This may extend to reviewing any product … to determine whether the product has any recourse to the SMSF. Even if the marketing or summary material claims there …