The SMSF audit landscape continues to evolve, with new superannuation measures, increased regulatory scrutiny and recurring compliance issues creating new challenges for auditors.
Division 296, changes to LRBA rules and continued ATO and ASIC scrutiny are changing the risks and issues SMSF auditors need to address.
Shelley will work through the latest SMSF developments and the practical issues arising in audit engagements, with a focus on identifying problems early, obtaining sufficient appropriate audit evidence and ensuring the audit file supports the conclusions reached.
In this GAAPinar, we will:
- Division 296 — what the new rules mean for SMSFs and auditors
- LRBAs and borrowings — the new LRBA rules that limit borrowing to business real property, ATO guidance and areas of potential non-compliance
- Related-party transactions and prohibited loans — including leases, related entities and the 5% in-house asset limit
- Asset valuations and obtaining sufficient appropriate audit evidence
- Cybercrime threats facing SMSFs
- Latest ATO guidance, developments and compliance priorities, including cryptocurrency, disqualified trustees and completion of the IAR
- Audit evidence and documentation — what needs to be on the file to support the auditor’s conclusions
