Here are several important technical aspects connected with the auditing of an SMSF.
- The Accounting and Auditing functions must be segregated – they cannot be performed by the same person.
- SMSF Auditing standards
GS009 Guidance Statement 009 – released in August 2011.
This version has been updated for:
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- The new suite of ‘clarity’ Auditing Standards that became operative for reporting periods that commenced on or after 1 January 2010
- ATO current requirements applicable to the 2010/11 reporting year
- Current superannuation legislation updates
- Practical issues that may be encountered on SMSF audits.
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The Guidance Statement also contains a range of specimen documents including an engagement letter and an audit report (see appendices 1 and 3 respectively). These documents can be viewed by following the link above.
