6 Oct. 2015
AUASB issues revised Guidance Statement GS 009
The AUASB has released an updated Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds.
The revised Guidance Statement identifies, clarifies and summarises the existing responsibilities which approved self-managed superannuation fund (SMSF) auditors (the auditor) have with respect to conducting SMSF audit engagements, and provides guidance to the auditor on matters which the auditor considers when planning, conducting and reporting on the financial and compliance engagement of a SMSF audit.
GS 009 should assist the auditor, by clarifying the requirements under the Superannuation Industry (Supervision) Act 1993 (SISA) and Superannuation Industry (Supervision) Regulations 1994 (SISR), as well as identifying the applicable ASIC Regulatory Guides, ATO Rulings, Interpretive Decision and Guides.
The appendices to GS 009 include an example engagement and representation letter, illustrative trust deed checklists and financial audit procedures, and illustrative examples of threats to the auditor’s independence.