Our annual 2-day SMSF audit conferences are among the most highly regarded professional development events we run, but we realise that not everyone can spare two days out of the office. So we’re offering you a new way to access the experts online – a half-day online conference, focused on managing audit risk in a post reform landscape:
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 – and you’ll have an opportunity to ask questions.
Session 1: Managing Audit Risk Post Super Reforms
Regulatory changes affecting SMSFs bring a plethora of audit challenges. This session looks at key areas auditors must be on top of post super reforms including:
- Overview of key audit focus areas post 1st July 2017 reforms
- Transfer balance account - nuts and bolts reporting obligations and what to watch out for
- Asset segregation post 1ST July 2017 – monitoring trustees staying within the rules
- Capital gains tax relief provisions
- Contribution changes - does this mean more auditor scrutiny over valuations?
- Operating more than one fund and contribution to another fund – auditor checklist
- Monitoring contribution splitting and member balance equalisation
- Pension structuring in the new super landscape - trips and traps for the auditor
- Auditor monitoring of LRBAs under the new limits
Session 2: Red Flags in Auditing Tax Liability Compliance – The Essentials of the Financial Audit
The ATO is closely monitoring SMSF audit quality, including those potentially compromised by low-cost, high-volume audit procedures. Failure to identify tax liability non-compliance is also on the radar. This session looks at key red flags the auditor should watch, including:
- Preparing the audit plan - does it deal with effective tax compliance?
- Gathering tax evidence to support financial statements – how far do you go?
- Testing assertions sufficient to query tax liability
- Forming an opinion on the fairness and reasonability of tax liability on accounts
- Examining structures to get around non-arm’s-length income rules
- Considering materiality and risk in the financial audit
- Using audit documentation to support your findings and protecting yourself
- Case study – AUASB Guidance Statements
Session 3: Focus on Death of Member and Death Benefits – Audit Risk When Auditing Death Benefit Payments and Pensions
SIS regulation 6.21 requires a death benefit to be cashed as soon as practicable after a member’s death. But, how does this obligation sit with the new transfer balance cap? It can create a number of compliance headaches that auditors need to watch. This session looks at the key issues, including:
- Understanding obligations when a member dies – reviewing trust deed
- Ensuring the death benefit is actually ‘paid’
- Reviewing the death benefit nomination, if any
- Reviewing the tax status of the nominated person
- Auditor role in reviewing sale of assets to fund paying death benefit
- Understanding the effect of death on the deceased’s super funds pension
- Reviewing tax on the sale of assets after member’s death
- Assessing how much capital gains tax the fund should pay
- Reviewing tax position when surviving spouse retains deceased member’s benefit within the fund
- Practical compliance guide 2017/6 – implications for auditors