SMSF Audit: Managing Audit Challenges in a Post Super Reform Landscape - Recorded Online Conference

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 THE FACULTY Chair: Michael Harkin, National Manager – Training Advice, Topdocs, Melbourne Belinda Aisbett, Director, Super Sphere, Melbourne Laura Hanrahan, Senior Associate, HopgoodGanim, Brisbane Lisa Cahill, Partner, Fusion Partners Central Coast, NSW - CPD TRAINING/HOURS Accountants can claim up to 3 CPD/Training hours for viewing this recorded onine conference