In what it said is a “recognition of the profession’s importance to the sector”, the SMSF Association has announced the details of its one-day virtual Audit Day event, which will run on 3 September.
“Our SMSF Audit Day is designed to ensure SMSF auditors possess the critical knowledge and skills needed to thrive in today’s complex environment,” said SMSF Association chief executive Peter Burgess.
“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.”
Along with an opening address from Burgess, there will be sessions from a number of experts:
- Marjon Muizer, founder, Red Willow Super.
- Shelley Banton, head of technical, ASF Audits.
- Con Gotsis, director, Guardian Assurance.
- Shirley Schaefer, partner, superannuation, BDO.
- Jacob Kewley, director, Tactical Super.
- Bryce Figot, special counsel, DBA Lawyers.
Muizer will be the first speaker, delivering a session around common SMSF audit misconceptions that will spotlight frequent errors and offer “practical solutions to enhance compliance with audit standards”.
There will be a session on the complexities of asset titles in SMSF audits from Banton, which the SMSFA said would provide “clear guidance on legal requirements and best practices to ensure compliance and protect fund members’ interests”.
Gotsis 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, Schaefer will “demystify this complex area” and address essential audit areas, common pitfalls and what constitutes sufficient audit evidence, along with a checklist that can help ensure thorough and compliant audit files.
Kewley’s session will cover the proposed Division 296 changes and the impact of the anticipated regulatory scrutiny on high-balance funds, providing strategies for navigating these changes, managing risks, and adapting to new asset types.
The final session will see Figot share tips and traps for SMSF auditors facing ATO and ASIC audits. He will also provide practical advice on “how best to handle a review or audit from a regulator, ensuring compliance and safeguarding professional standing”.
“SMSF Audit Day transcends being a mere technical event; it represents a strategic investment in your profession, ensuring client satisfaction and long-term retention,” Burgess said.
“By attending, you position yourself at the forefront of audit issues, ready to navigate and thrive in the complex and ever-changing SMSF landscape.”
