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Guidance statement GS 009 : auditing self-managed superannuation funds / by the Auditing and Assurance Standards Board

By: Auditing and Assurance Standards Board.
Series: AUASB guidance statements.Publisher: Melbourne, VIC : Auditing and Assurance Standards Board, 2013Description: 111 p. ; electronic resource.ISSN: 1833-7600.Subject(s): Auditing | Auditing standards | Self-managed superannuation funds (SMSF)Online resources: Click here to access online
Contents:
Application -- Issuance date -- Introduction -- Definitions -- Trustees' responsibilities -- Auditor's responsibilities -- Preliminary engagement activities -- Planning -- Risk assessment procedures -- Materiality -- Audit evidence -- Audit documentation -- Representations -- Service organisations -- Using the work of a service auditor -- Using the work of an expert. FINANCIAL AUDIT: Financial reports -- Assertions and audit evidence -- Materiality -- Opening balances -- Cash and cash equivalents -- Investments -- Receivables and prepayments -- Liabilities -- Accrued benefits -- Vested benefits -- Reserves -- Investment and other revenue -- Contributions and transfers in -- Expenses -- Tax expense -- Benefits paid -- Other audit considerations -- Reporting. COMPLIANCE ENGAGEMENT: Table 1: summary of criteria for compliance engagement materiality -- Establishment and operation of the SMSF -- Sole purpose -- Investment considerations -- Benefit restrictions -- Contributions restrictions -- Investment returns -- Solvency -- Other regulatory information -- Other compliance engagement consideration -- Reporting compliance breaches. APPENDICES: Example of an engagement letter for the audit of a self-managed superannuation fund -- Example of a self-managed superannuation fund trustee representation letter -- ATO's approved form auditor's report for a self-managed superannuation fund -- Self-managed superannuation fund governing rules audit planning checklist -- Illustrative financial audit procedures for a self-managed superannuation fund -- Illustrative examples of threats to independence in a self-managed superannuation fund.
Summary: Provides guidance to assist auditors to fulfill the objectives of an audit or assurance engagement. Includes exemplary material.
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Online resource Online resource Australia
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Application -- Issuance date -- Introduction -- Definitions -- Trustees' responsibilities -- Auditor's responsibilities -- Preliminary engagement activities -- Planning -- Risk assessment procedures -- Materiality -- Audit evidence -- Audit documentation -- Representations -- Service organisations -- Using the work of a service auditor -- Using the work of an expert. FINANCIAL AUDIT: Financial reports -- Assertions and audit evidence -- Materiality -- Opening balances -- Cash and cash equivalents -- Investments -- Receivables and prepayments -- Liabilities -- Accrued benefits -- Vested benefits -- Reserves -- Investment and other revenue -- Contributions and transfers in -- Expenses -- Tax expense -- Benefits paid -- Other audit considerations -- Reporting. COMPLIANCE ENGAGEMENT: Table 1: summary of criteria for compliance engagement materiality -- Establishment and operation of the SMSF -- Sole purpose -- Investment considerations -- Benefit restrictions -- Contributions restrictions -- Investment returns -- Solvency -- Other regulatory information -- Other compliance engagement consideration -- Reporting compliance breaches. APPENDICES: Example of an engagement letter for the audit of a self-managed superannuation fund -- Example of a self-managed superannuation fund trustee representation letter -- ATO's approved form auditor's report for a self-managed superannuation fund -- Self-managed superannuation fund governing rules audit planning checklist -- Illustrative financial audit procedures for a self-managed superannuation fund -- Illustrative examples of threats to independence in a self-managed superannuation fund.

Provides guidance to assist auditors to fulfill the objectives of an audit or assurance engagement. Includes exemplary material.

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