SMSF Audit: The Grey Areas

The tools to identify and manage SMSF audit issues even if there is no definitive interpretation


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Thursday 22 March 2018 

SMSF Audit - The Grey Areas

Management letter issue, reportable breach, or both?
Auditor judgement when there is no definitive legislative interpretation
Managing consistency between funds and regulator requirements


Have you ever questioned whether an SMSF issue identified during the audit process is in fact a breach? Is it reportable to the regulator or is it simply a management letter issue? Do you need to qualify your audit report?
The auditing process for an SMSF requires auditor judgement and interpretation but in practice, complexities arise. Consistency between funds is essential. Consistency with what the regulator requires is essential. 
This webinar explores the common issues faced by SMSF auditors even where there may or may not be a definitive legislative interpretation. It provides the required references and tools to not only identify the issues but correctly manage the reporting or rectification requirements.


Who should attend?

A must attend for any accountant, auditor, or advisor working with SMSFs. 


Can't make the live session? 3 month access to the recording is available to all registrants.


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Thursday 22 March 2018

12:00pm - 1:00pm AEDT in ACT, NSW, TAS & VIC |  11:30am SA | 11:00am QLD  | 10:30am NT  |  9:00am WA


The tools to identify and manage SMSF audit issues

even if there is no definitive interpretation.

All of the issues are contained in the SIS sections and regulations which auditors are required to form an audit opinion. 

Do you know what needs to be done?

  • SIS section 66 and acquiring assets from related parties, with a particular focus on in-house assets. Can these assets be acquired? What if the asset doesn't fit with the exceptions under section 66(2A)?
  • Bank overdrafts – reportable or not? Can the materiality thresholds under ASA 320 be used?  What about minor but repeated overdrafts in an SMSF?
  • The SIS rules around temporary borrowings. When this exception can be applied and more importantly, when it cannot.
  • Insurance over SMSF property – is it even required?
  • SIS 82 vs 83: When SMSF trustees MUST sell their assets. When in-house asset breaches really need to be reported.
  • What a pre-11 August 1999 unit trust can really do. Are you looking at these trusts the right way? Is your interpretation in line with ATO expectations?
  • Separation of fund assets where the asset is held in the wrong name but may still be held separately. What does the legislation state and what does the ATO require?

So, what do you say?

Garth McNally

Director, Hayes Knight NSW
Garth heads Hayes Knight’s Superannuation Division in Sydney.  He has a wealth of knowledge and practical experience in superannuation and leads the superannuation technical support for Hayes Knight and the Knowledge Shop membership.  

Garth is a specialist member of the Self Managed Superannuation Fund Professional’s Association of Australia (SPAA) and is a regular writer and speaker on superannuation issues and strategies.

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Members please log in from the registration page or register through the member-only website.

More on membership

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.



Thursday 22 March 2018


12:00pm - 1:15pm AEDT

11:30am - 12:45pm

11:00am - 12:15pm

10:30am - 11:45am

9:00am - 10:15am

Allow a little extra time in case our presenter is inundated with questions!


Individuals (GST incl) 

$195 Member*
$235 Non-member


$350 Member*
$390 Non-member

The office rate applies per office location (maximum 10 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required.  We will contact you for the names of your team once you have registered as an office
*Members please log in and register through themember-only website

PD Hours Up to 1.25 PD hours  | Recording available for 3 months from webinar date

What you will need

You will need a computer with audio!!



Your computer needs speakers or a headset to hear the audio (do a quick check these work). If you are having problems, you can dial in on the phone number provided on the reminders and confirmation but please note your carrier will charge you at long distance rates.



Join the webinar 20 minutes prior to check that your computer systems allow you to download the GoToMeeting software.  Or check your connection days before the webinar by going here


Webinar URL 

To join the webinar, you need to click this link. It was sent to you when you registered and will also be on the reminders - check your spam if you have not received and please contact us ASAP if you have lost.


Changing computers 

If you need to change computers during the webinar, make sure you log off the webinar on the first computer before logging onto the second computer.


PC requirements

PC users (Windows® 8, 7, Vista, XP or 2003 Server) ; Mac users (Mac OS® X 10.6 or newer); Mobile users (iPhone®, iPad®, Android™ phone or Android tablet).