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SMSF Audit & Compliance Online Workshop

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The essential 2023 audit issues you need to know

The essential 2023 audit issues you need to know
Identify the 'red flags' and get the 2023 audit right
Achieve procedural efficiency and accuracy

A 3-part live instructor led online workshop

Operating in a post-COVID 19 world, inflationary pressures, concerns around interest rates and related party commercial leasing, and NALI changes have all created a minefield for SMSF auditors; even a small oversight or lack of procedural integrity can prove costly.

We'll look at the accountant vs auditor relationship and also take you through:

  • Updated guidance on non-arm’s length expenses revised NALI provisions
  • Looking at the ATOs compliance approach and auditor programs
  • Business real property and related party lease arrangements
  • The impact of increasing interest rates on related party loans
  • How to audit an SMSF with cryptocurrency - all the risk areas covered
  • Updated ACR guidelines and 2023 Audit report

If you want to be certain about your audit and compliance procedures, join us for this pragmatic online workshop.

Designed for SMSF auditors and advisers, the SMSF Audit & Compliance Workshop brings you up to date with recent developments and what they mean to SMSF auditors and advisers right now, what you can expect to see, and what to do about it.

An excellent training program for team members or a refresher to keep you on top of change.

Prepare to be challenged.

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AU $520 Members
AU $580 Non-members

Register Me

Register Team*

AU $1,430 Members
AU $1,595 Non-members

Register Team*
Total 6 CPD Hours

Details

Recorded: 10, 17 & 24 October 2023

SMSF Association accredited for a total of 6 CPD hours (PETKS231024)

  • 5.5 Regulatory Compliance & Consumer Protection
  • 0.5 Tax (Financial) Advice

Terms & conditions: All registrations to Knowledge Shop events are subject to our terms and conditions which include a cancellation policy. No refunds are provided for cancellations received 1 day prior to the webinar. No credits are available less than 2 hours prior to the event under any circumstances.

*Office Registrations. Maximum 15 participants per firm (must have same email domain). The PD points for all attendees will be recognised and links will be provided to all attendees.

What we cover

The SMSF Audit & Compliance Workshop is a pragmatic and realistic work through of the key SMSF issues. We show you how to work through 2023 audits, the key issues coming out of an audit and how to respond, and the implications of change on you, your practice, and your clients. 

1

Session 1: ATO focus areas and post COVID-19 impact

October 10, 2023

2023 saw the end of the COVID-19 relief measures. We’ll cover the details and the impact on SMSF audits, including:

  • Asset prices
  • Inflationary risk areas
  • Related party limited recourse borrowing arrangement relief
  • Providing rent relief

SMSF Auditor Independence

Revisiting the impact of independence on your practice, common challenges and how the profession has adapted.

with Ray Itaoui

3

Session 3: The SIS Audit

October 24, 2023

The trickiest part of the audit, we'll work through how to complete a SIS audit, and go through the areas that have auditors stumped. Have you ever audited a fund where you just don't know what to do? We'll take you through the 'dirty' audits, and you'll also have an opportunity to bring your problems to the webinar, we love your baggage. Whilst auditors will always have different opinions, there is a delicate balance between appeasing the ATO, managing the expectations of the trustee, and just getting the audit right!

All of the SIS requirements including:

  • Meeting the definition of an SMSF
  • Sole purpose test
  • Investment strategy
  • Segregation of assets
  • Your audit program
  • Dealing with breaches, what to advise the trustees and when you have to issue a contravention report
  • Requirements of your management letter
  • The latest ATO audit activity

with Chris Hodgins

What's included?

  • 3-part online workshop series with 3 months access to the recording
  • Your audit documentation pack:
    • Engagement letter
    • Audit plan
    • Financial statement audit program
    • Compliance audit program
    • Trustee representation letter
    • Audit finalisation report (management letter)
    • Contravention report process
2

Session 2: The Financial Audit

October 17, 2023

A practical work through of the financial statements and identification of the high risk areas. We'll use real world examples to highlight how auditor discretion should be used, and how to implement rectification plans.

Your audit plan and audit program:

  • The impact of accounting standards and notes to the accounts
  • Evidence expectations
  • ATO focus areas
  • Property and loans
  • Allocation of pension payments and lump sums
  • Determining market valuations of unlisted assets

The ATO’s updated position on NALI expenses

  • A deep dive into the ATO's softened stance on Non-Arm's Length Expenditure - LCR 2021/2
  • The implications of non-arm’s length expenses

Identifying related parties & where transactions must be at arm’s length

  • ATO focus area - Related trust transactions that can lead to non-arm’s length income
  • Related party transactions
  • Interest-free loans

Contravention reporting obligations

  • What you need to report and why
  • How the reporting rules apply in real life

with Ray Itaoui

Our presenters

Director, Hayes Knight

Ray Itaoui

Ray ItaouiRay is a Director of accounting firm Hayes Knight and a registered SMSF Auditor with extensive experience in the audit, accounting and administration of superannuation funds.

Ray has expanded Hayes Knight’s Superannuation Division considerably over the last few years. As the head of the SMSF division, he has developed and implemented the processes and procedures to create an efficient, accurate and proactive SMSF compliance, administration and audit service.

Ray is that rare breed of person who is not only practical but detail conscious with an in-depth understanding of the impact of the regulatory environment faced by the profession.

Director, Hayes Knight

Chris Hodgins

Chris HodginsChris has 15 years SMSF experience, both as an accountant and auditor. He has worked at two of the Top 10 firms in Australia and has been recently appointed a Director at Hayes Knight, Sydney.

As a registered SMSF auditor, Chris’ experience as an SMSF accountant allows him a unique perspective of each stakeholder’s position, understanding how he can add value to both accountants and trustees.