|Book||Australian Audit Guide and Toolkit for SMSFs 2012||30/10/2012||9780864607997||$260.00|
The Australian Audit Guide and Toolkit for Self Managed Superannuation Funds 2012 is an invaluable, practical, hands-on tool for auditors of SMSFs. Produced by the leading authorities in the audit market, the Institute of Chartered Accountants Australia (the Institute), this publication demonstrates the Institute’s commitment to providing practitioners with up-to-date tools and assistance in dealing with the demands of this challenging area of practice
Following a sustained period of change in the superannuation industry it is critical that those auditing SMSFs are equipped with information pertaining to recent and ongoing developments. With the introduction of new SMSF auditor registration with the Australian Securities and Investments Commission (ASIC), the spotlight is on SMSF auditors. This guide will assist practitioners in the drive for high quality audits across the SMSF industry.
The Guide has been structured to provide practitioners with practical examples, and extensive guidance and demonstrations of real-life circumstances. It explores in detail how to apply revised standards to SMSF audits, and also includes a CD of relevant forms that will assist practitioners conducting audits.
This revised Guide will go a long way towards keeping auditors of SMSFs across the ongoing changes in the SMSF and audit industries, many of which have already come into effect. Audit practitioners should use this Guide as a reference tool in their day-to-day operations, to fulfil the highest professional standards while mitigating any risk of non-compliance.
For those interested in the administration of SMSFs, the Australian Audit Guide and Toolkit for SMSFs 2012 can be purchased as a value bundle with The Essential SMSF Guide 2012-13. To view The Essential SMSF Package click here.
Members of the Institute of Chartered Accountants in Australia are entitled to a discount on this publication. If the discount has not been applied, please refer to the Institute’s website to access the promotional code.
- Updated toolkit of commonly used forms and checklists
- Updates to the manual to include regulatory changes impacting the audit of SMSFs: such as the new SMSF auditor registration requirements and process, clear explanations of the independence standards of APES 110 Code of Ethics
- Clear explanations as to the application of the latest Clarity Standards within SMSF audits and the details involved
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Table of Contents
Introduction to SMSF auditing
SMSF auditor registration
1. How to use the Guide
2. Introduction to the case study
3. The risk-based audit - overview
4. Ethics, ASAs, & quality control
5. Internal control – purpose and components
6. Financial report assertions
7. Compliance considerations
PHASE 1: RISK ASSESSMENT
8. Engagement acceptance and continuance
9. Overall audit strategy
10. Determining and using materiality
11. Risk assessment procedures
12. Inherent risks - identification and assessment
13. Significant risks
14. Compliance risks
15. Understanding and evaluating internal control
16. Concluding the risk assessment phase
PHASE 2: RISK RESPONSE
17. The responsive audit plan
18. Determining the extent of testing
19. Documenting work performed
20. Written representations
21. Summary of other ASAs
PHASE 3: REPORTING
22. Reporting – overview
23. Evaluating audit evidence
24. Communicating with the trustees
25. The audit report
26. Communicating with the regulator
This is a non-subscription purchase of Australian Audit Guide and Toolkit for Self Managed Superannuation Funds 2012.
Members of the Institute of Chartered Accountants in Australia (the Institute) are entitled to a discount on this publication. If the discount has not been applied, or you do not know the promo code, please refer to the Institute’s website to access this.