SMS004 Auditing Standards for SMSFs

This subject meets part of the compliance requirements to become a Registered SMSF Auditor.

Students will examine the requirements of the Australian Auditing Standards and how they should be applied in a SMSF audit. In addition, the practical relationship between the Superannuation Industry (Supervision) Act 1993 (SIS) compliance audit of an SMSF and the Auditing Standards will be analysed.

Specifically, the subject covers the auditor’s reporting obligations in relation to SIS compliance to both the trustees and the Australian Taxation Office.

To be eligible to apply for the SMSF Specialist Auditor (SSAud) designation with the SMSF Association you must successfully pass the examination for this subject.

For more information, please refer to the subject outline.

  • Learning outcomes
    • On successful completion of this subject, you should be able to:

      1. Undertake research on significant SMSF auditing issues
      2. Apply the Auditing Standards to identify compliance issues in an SMSF
      3. Complete an SMSF audit that is compliant with both Australian Auditing Standards and SIS Regulations
      4. Create the required Australian Taxation Office reports and Fund reports
  • Subject content
    • Topic Title
      Topic 1 Being a SMSF auditor
      Topic 2 Audit standards
      Topic 3 Preliminary engagement activities
      Topic 4 Planning and risk – identification, assessment and response
      Topic 5 Conducting the audit – Part A
      Topic 6 Conducting the audit – Part B
      Topic 7 Auditor reporting
  • Assessment
    • Assessment Type Assessed Weighting
      Assignment Week 6 40%
      Exam Week 12 60%
  • Prerequisites
  • Reading list
    • Prescribed text

      • Schaefer, S 2017, Australian audit guide and toolkit for self managed superannuation funds, 8th edn, Thomson Reuters, Sydney.

      Retailers of educational books include Co-op Bookshop and Boffins Bookshop. Texts can also be borrowed from the Kaplan library or other libraries. Details of required and further reading are provided in the subject room.  Purchase of any text other than a prescribed text is not required.