SMSF Audit Day enhancing quality and integrity of SMSF audits
In recognition of the profession’s importance to the sector, the SMSF Association’s annual SMSF Audit Day is back, once again tackling the pressing challenges auditors face in today’s rapidly changing regulatory and legislative environment.
The one-day virtual event on 3 September will focus on equipping auditors with the essential tools and insights needed to enhance the overall quality and integrity of SMSF audits.
SMSF Association CEO Peter Burgess says: “Our SMSF Audit Day is designed to ensure SMSF auditors possess the critical knowledge and skills needed to thrive in today’s complex environment.
What truly sets our event apart is its inclusive approach, catering to all SMSF professionals. This event presents an opportunity to foster effective collaboration between auditors and other SMSF experts, to ensure the annual audit process is seamless and efficient.”
“By addressing common audit challenges and exploring the future of SMSF auditing, this event offers invaluable insights to help auditors remain compliant and deliver value to their clients.”
The program kicks off with a session from Marjon Muizer, Founder of Red Willow Super, on common SMSF audit misconceptions. The session will highlight frequent errors and offer practical solutions to enhance compliance with audit standards.
Shelley Banton, Head of Technical at ASF Audits, will tackle the complexities of asset titles in SMSF audits, providing clear guidance on legal requirements and best practices to ensure compliance and protect fund members’ interests.
Con Gotsis, Director at Guardian Assurance, will then address the challenges of auditing related party transactions, offering insights into key issues such as non-arm’s length income and related party acquisitions.
In her session on auditing SMSF death benefits, Shirley Schaefer, Partner of Superannuation at BDO, will demystify this complex area by highlighting essential audit areas, common pitfalls and what constitutes sufficient audit evidence, complemented by a practical checklist to ensure thorough and compliant audit files.
Looking to the future, Jacob Kewley, Director at Tactical Super, will discuss the impact of the proposed Division 296 changes and the anticipated regulatory scrutiny on high-balance funds. He’ll offer strategies for navigating these changes, managing risks, and adapting to new asset types.
Finally, Bryce Figot, Special Counsel at DBA Lawyers, will share proven tips and traps for SMSF auditors facing ATO and ASIC audits. His session will provide practical advice on how best to handle a review or audit from a Regulator, ensuring compliance and safeguarding professional standing.
Burgess concludes: “SMSF Audit Day transcends being a mere technical event; it represents a strategic investment in your profession, ensuring client satisfaction and long-term retention. By attending, you position yourself at the forefront of audit issues, ready to navigate and thrive in the complex and ever-changing SMSF landscape.”
View the full program and register as a delegate here.
