SMSF Specialist Auditor (SSAud) Exam study guide
SMSF Specialist Auditor (SSAud) Exam · Work through your exam, one topic at a time.
The SMSF Specialist Auditor (SSAud®) credential is an accreditation offered by the SMSF Association, the independent professional body representing Australia's self managed super fund sector. The Association describes its Specialist accreditation programs as a way for practitioners to be independently recognised for their SMSF expertise and knowledge, and it publishes a Find a Specialist function through which consumers can locate an independently endorsed, qualified and accredited SMSF Specialist. The SMSF Specialist Auditor (SSAud) Exam study guide has 5 sections and about 1,470 words.
01SMSF Audit and Compliance: The Audit Cycle and Core SIS Obligations
An SMSF must be audited annually by an approved SMSF auditor who is independent of the fund and its trustees. Understand the two-phase structure: the financial statement audit (are the accounts true and fair under accounting standards?) and the compliance audit (did the fund operate under the Superannuation Industry (Supervision) Act and Regulations for the income year?).
319 words, about 2 min02Superannuation Legislation and Regulatory Framework
SMSFs sit within the SIS Act, SIS Regulations, the Income Tax Assessment Act 1997 (concessional/caps), and ATO guidance. Know the regulator roles : APRA for prudentially regulated funds, ATO for SMSFs.
307 words, about 2 min03Financial Statements and Audit Evidence
The financial statements of an SMSF typically include a statement of financial position, statement of changes in equity/net assets, and notes covering investments, member balances, and tax. The auditor gathers sufficient appropriate evidence to support the assertions: existence, rights and obligations, valuation, completeness, and presentation.
275 words, about 1 min04Fund Investments, Valuations and Related-Party Transactions
Trustees must formulate and give effect to an investment strategy (s 52(2)(f)) considering diversification, liquidity, cash flow, and member circumstances. Investments must be made and maintained on an arm's-length basis (s 109).
272 words, about 1 min05Auditor Independence, Ethics and Reporting Obligations
An approved SMSF auditor must be independent of the fund, its trustees, and members. Independence has two dimensions: independence of mind and independence in appearance .
297 words, about 1 min