Auditors can now gain greater understanding of their responsibilities when conducting audits of self managed superannuation funds (SMSFs), following standards released by the Auditing and Assurance Standards Board (AUASB).
The AUASB Guidance Statement GS 009 Auditing SMSF provides robust standards to guide auditors through the complex requirements of the legislation and regulations governing the audits of SMSFs.
The guidance will help lift the quality of audits by identifying, clarifying and summarising the existing responsibilities of auditors, AUASB chair Merran Kelsall said.
"The guidance statement assists auditors on matters which the auditor should consider when planning, conducting and reporting on the financial and compliance audits of an SMSF."
Industry bodies such as the Self-Managed Superannuation Fund Professionals' Association of Australia (SPAA) welcomed the release of the guidance.
"SPAA is very appreciative of the initiative, which will assist SMSF trustees, fund members and the Australian Taxation Office to have greater confidence in the quality of audited information and governance arrangements of SMSFs," SPAA chief executive Andrea Slattery said.
Accounting bodies CPA Australia, the Institute of Chartered Accountants and the National Institute of Accountants released a joint statement supporting the standards.
"The guidance is important to the increasing social and economic importance of SMSFs, which now represent over a quarter of all the Australian public's retirement savings," the statement said.
"The guidance recognises the pivotal role auditors play in connection with the Government's retirement incomes policy and the SMSF governance framework."
