Recorded Webinar: What is Sufficient and Appropriate Audit Evidence? – Testing Boundaries and Practical Limits in SMSFs

The question of sufficient and appropriate audit evidence should always be front of mind for SMSF auditors. What this means in practice for different categories of evidence is explored in this session, including:

• The concept of sufficient and appropriate audit evidence – what does this really mean?
• The connection between inherent risk and audit evidence – aligning risk with evidence requirements
• Audit requirements and associated categories of evidence
• The auditor’s reporting requirements when sufficient audit evidence is unobtainable
• Using trustee declarations as audit evidence
• Special risk factors in evaluating valuations
• What do you do where there is a gap in the evidence?
• Evidence in an automated environment – impact on audit evidence requirements
• Valuation problems and evidence problems - unlisted shares and scanned bank statements
• Case study – ASIC disqualification action of SMSF auditor over insufficient audit evidence