Belinda Aisbett Presents: Managing the Risks in SMSF Auditing - 3 program on demand webinar series
Date/Time
23/07/2021
About the webinar series
SMSF auditors have been in the firing line over the last few years, and the compliance challenges for auditors continue to grow. In this 3 part webinar series, leading SMSF audit expert Belinda Aisbett examines the key risk areas affecting SMSF auditors, including the investment strategies, NALI rules, and auditor reporting obligations.
The Programs
Program 1: Auditing the Investment Strategy
SMSF auditors may understand the importance of the investment strategy but what this means in practice requires a bit more consideration. This session looks at the key issues, including:
- Audit procedures for investment strategies - an overview
- Ensuring the diversification requirement is met
- Considering liquidity needs of fund
- Bringing investment strategy problems to attention of trustees
- Investment strategy compliance breaches - the what, when and how
- ATO guidelines on auditor’s role
- How has COVID-19 impacted the investment strategy?
- Understanding what the auditor cannot do
Program 2: The Non-arm’s Length Rules - Meeting ATO Expectations from an Audit Perspective
The application of the NALI rules to general expenses are likely to have a significant impact on some SMSFs. This session examines how they impact the auditor, including:
- Understanding ATO rulings on NALI and NALE - an overview
- ATO expectations on NALI and NALE
- Making sure we identify NALE
- What is the ‘nexus’ that triggers the NALI provisions?
- The application of general expenses NALE
- Individual acting as trustee - some important do’s and don’ts
- Trustee remuneration and NALI risk
- What are the key considerations from an auditor perspective?
- Case studies
Program 3: Auditor Reporting Obligations - Meeting and Exceeding Auditing Standards
The reporting function is at the heart of the auditor’s role. This practical session covers two key areas: reporting to trustees and contraventions to the ATO. It examines:
Reporting to trustees:
- The independent auditor’s report - key inclusions from recent ATO updates
- Reporting on contraventions and the management letter to trustees
- Determining the financial position of fund
- Reporting methodologies - the do’s and don’ts
- Case studies - problem scenarios and their reporting to trustees
Reporting to ATO:
- The Auditor Contravention Report
- What contraventions do not need reporting
- Reporting of prior year breach
- Separation of assets - regulation 409 A
- Case studies - contravention reporting tips and traps
Presented By
Belinda Aisbett
Director, Super Sphere Melbourne, Vic
Belinda Aisbett
Director, Super Sphere Melbourne, Vic
Belinda Aisbett
Director, Super Sphere Melbourne, VicEnquiries/Assistance
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