Here we add some technical aspects around the auditing function for SMSF’s.
1.The Accounting and Auditing function should be segregated. This means the accountant can’t act as the auditor as well.
2. Auditing standards on SMSF
GS009 Guidance Statement 009 was released in August 2011. The new version has been updated for:
The new suite of ‘clarity’ Auditing Standards that became operative for reporting periods that commenced on or after 1 January 2010
ATO current requirements applicable to the 2010/11 reporting year
Current superannuation legislation updates
Practical issues that may be encountered on SMSF audits.
It also includes a range of specimen documents including an engagement letter and audit report as appendices. This document can be viewed by following the link above.
Mark Coburn, CEO Stepping Stone Wealth,