Don’t say ‘yes’

Don’t say ‘yes’

Auditing Standard ASA 510 requires that the auditor shall obtain sufficient and appropriate audit evidence about whether the opening balances in the financial statements of a SMSF contain misstatements that could materially affect the current period’s financial report...
Announcement re SMSF Audit Independence

Announcement re SMSF Audit Independence

Significant changes have been introduced by the (APESB) about the limitation of services an SMSF Auditor can provide. The APES 110 guide states that “An SMSF Auditor cannot conduct an Audit on a set of Special Purpose Financial Statements where the auditor,...
Going concern basis of accounting

Going concern basis of accounting

Recent economic uncertainty raises questions around what responsibilities trustees and auditors have in relation to an SMSF’s ability to continue as a going concern. “Economic uncertainty” is a phrase we hear all too much lately due to most organisations and...
Financial requirements of Australian Financial Services Licence (AFSL)

Financial requirements of Australian Financial Services Licence (AFSL)

Section 912A of the Corporations Act 2001 (“the Act”) sets out a number of obligations which the holder of an Australian financial services (“AFS”) licence must adhere to in order to fulfil their licence obligations. To support the financial requirements imposed by...