Australian Government
Auditing and Assurance Standards Board
Wednesday, June 17, 2020
The AUASB has issued a revised GS 009 Auditing Self-Managed Superannuation Funds (GS 009). The revised Guidance Statement identifies and clarifies the responsibilities approved self-managed superannuation fund (SMSF) auditors have with respect to conducting SMSF audit engagements.
On 10 June 2020, the AUASB approved to issue the revised AUASB Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds (GS 009).
The revised Guidance Statement identifies, clarifies and summarises the existing responsibilities which approved self-managed superannuation fund (SMSF) auditors have with respect to conducting SMSF audit engagements, and provides guidance to the auditor on matters to consider when planning, conducting and reporting on the financial and compliance engagement of a SMSF audit.
GS 009 assists the auditor by clarifying the requirements for SMSF auditors under the Superannuation Industry (Supervision) Act 1993 (SISA) and Superannuation Industry (Supervision) Regulations 1994 (SISR) and APES 110 Code of Ethics for Professional Accountants (including Independence Standards), as well as identifying the applicable ASIC Regulatory Guides and Class Orders, ATO Rulings, Interpretive Decision and Guides.
The update of GS 009 has been carried out with the assistance of a working group comprising representatives from the ATO, accounting professional bodies and the SMSF Auditing industry.
The appendices to GS 009 include an example engagement and representation letter, illustrative trust deed checklists and financial audit procedures.
The AUASB welcomes comments or feedback on the revised Guidance Statement via email at [email protected].