SMSF Specialist Auditor (SSAud) Exam study plan

Map the SMSF audit lifecycle end to end, writing the sequence of trustee duties, auditor appointment, engagement acceptance, planning, evidence gathering, and reporting from memory

Explain the core statutory covenants and trustee eligibility rules in your own words, citing the section reference for each

Draft a one-page checklist of pre-engagement acceptance questions covering independence, competence, and fund circumstances

Distinguish the auditor's reporting duties to trustees from obligations owed to the regulator, and note where they diverge

Trace the compliance requirements for contributions, benefit payments, and preservation rules, recording the audit test you would apply to each

Identify the breach categories that most often trigger auditor reporting and rank them by audit effort required

Build a table linking each key compliance area to its governing provision and its typical audit evidence source

Work through five short breach scenarios and decide for each whether it is reportable and why

Summarise the regulator's administrative and enforcement powers and the practical consequences for a fund and its auditor

Compare rectification options available to trustees and evaluate when each is appropriate

Draft the skeleton of a management letter that communicates control weaknesses without asserting legal conclusions

Test your understanding by writing ten exam-style multiple-choice questions on the legal framework and answering them cold

Assemble the full set of financial statements for a small fund and verify internal consistency across the balance sheet, income statement, and notes

Apply the applicable financial reporting framework to classify member benefits, reserves, and tax liabilities correctly

Design substantive and analytical procedures for each significant account balance and document the assertion each procedure addresses

Construct a working paper set that evidences planning, risk assessment, and conclusion for one audit area

Evaluate the reliability hierarchy of audit evidence and justify the choice of procedure for three different account balances

Calculate and interpret valuation inputs for each major asset class held by a typical fund, documenting the assumptions used

Analyse a set of investment holdings and identify which valuation approaches require corroboration from an independent source

Prepare the audit response to a valuation uncertainty, including the effect on the audit opinion

Identify related parties of a fund and classify each transaction by type and disclosure consequence

Apply the arm's length principle to three hypothetical transactions and document why each does or does not satisfy it

Detect the indicators of an in-house asset breach and calculate the relevant ratio for a supplied set of balances

Design a related-party testing programme that covers acquisition, disposal, and ongoing dealings

Apply the independence requirements to six short scenarios and record a defensible conclusion for each

Draft the report wording for a qualified opinion, a disclaimer, and a contravention report, distinguishing the trigger for each

Explain the ethical obligations that continue after the engagement ends, including confidentiality and documentation retention

Review your own draft reports for language that overstates the auditor's role or understates the trustee's responsibility

Sit a full timed mock examination under exam conditions and record the score by domain

Analyse every incorrect answer and write the correct rule and its source for each

Re-drill the two weakest domains using your own summary sheets until you can recall the rules unaided

Consolidate all deliverables into a single indexed revision pack organised by domain