Contemporary Challenges in SMSF Audits - recorded half-day online conference

You can put your staff in the boardroom and watch it there. You can watch it on your computer or on your portable electronic device. All for the same low price.

The conference will be based on our highly successful video webinar technology: there’ll be a chairperson, a panel of experts, presentations and discussion.

Session 1: SMSF Audit Documentation - Supporting Audit Findings and Protecting Your Back

In a post-Baumgartner landscape, it is vital for SMSF auditors to have the required documentation to back up their findings and opinions in the audit. The session looks at the key audit documentation, their construction and how they are used in addressing audit risk, including:

• Key inclusions in letter of audit engagement

• The audit plan - what should this contain?

• Financial statement audit program

• Compliance audit program

• Management letter addressing different findings in audit

• Expressing judgement and reasoning in audit working papers - key audit checklist

• Understanding key provisions in Auditing Standard ASA 230: Audit Documentation

• The scope of auditor’s responsibility to obtain written representations from management of SMSF

Session 2: Preparing for an Automated Platform - Electronic Data Feeds and Testing Reliability in SMSF Audits

New payments platforms developed by banks increase the level of data available to auditors from bank transactions. The possibility of more data feeds covering exotic and international investment products means you have to be ‘automation ready.’ This session looks at the issues including:

• Understanding how technology-based accounting systems enable SMSF audit automation

• Aligning the automated SMSF audit with the Australian Auditing Standards

• Addressing automation gaps such as risk analysis and compliance checks

• Maintaining professional standards in the automated audit

• Testing electronic data fed programs whilst maintaining professional skepticism

• Ensuring compliance with ATO and ASIC requirements in your automated audit

• Is it possible to have real-time auditing?

• Case study - Is the paper-based audit dead?

Session 3: Auditing SMSFs with Pensions Post Super Reforms

In a post-super reform landscape, the role of the auditor in monitoring funds with pensions has become more complex. This session examines the key reforms with a focus on how the role of the auditor has changed. It covers:

• Monitoring $1.6 million pension cap for pension phase accounts

• Understanding what happens on death - can the reversionary pension be paid and what is the receiver’s pension cap?

• Review of assets used to support TRIS pension

• Commutation of pensions and whether properly accounted for?

• Early release of pension entitlements - what documentation do you need?

• The new events-based reporting framework - what it means for the auditor

• Pension structuring in the new super landscape - trips and traps for the auditor