ASIC SMSF Auditor Competency Exam case studies
ASIC SMSF Auditor Competency Exam · Put your knowledge to work in context.
This page is an independent study resource for candidates preparing for the ASIC SMSF auditor competency exam. It is not affiliated with, endorsed by, or operated by the Australian Securities and Investments Commission. The ASIC SMSF Auditor Competency Exam case studies are 5 cases and about 3,605 words.
1Trustee Loan Repaid Before Year End
A two-member SMSF holds a commercial property and has a member loan liability of 180,000 recorded at 1 July. The trustee drew a further 40,000 from the fund on 3 March to cover a personal tax debt and repaid the full 220,000 on 28 June, two days before year end.
753 words, about 4 min2In-House Asset Valuation and the Auditor's Reliance
An SMSF holds a 40% interest in a private company that operates a child care centre. The trustee, who is also the company's managing director, valued the interest at 2.4 million using a capitalisation of earnings method with a 12% discount rate and forecast earnings of 480,000.
708 words, about 4 min3Related-Party Property Purchase and the In-House Asset Limit
An SMSF with two members, both in accumulation phase, purchased a warehouse from a member's brother for 1.3 million. The fund's total assets are 1.6 million, so the warehouse is 81.25% of the fund.
725 words, about 4 min4Auditor Independence When the Trustee Is a Referral Source
An approved SMSF auditor has audited a fund for four years. The trustee is a financial adviser who has referred 14 new SMSF clients to the auditor over the past two years, generating approximately 28,000 in audit fees.
695 words, about 3 min5Wind-Up, Final Audit and the Missing Minutes
An SMSF with two members is being wound up after the members reached 75 and rolled their benefits to a retail fund. The final audit covers a 10-month period.
724 words, about 4 min