SMSF auditors -competency exam learning objectives

1. Fund Structure
   1. Section 17A SMSF definition
      1. Able to identify basic SMSF structure rules.
      2. Able to apply knowledge of fund structure rules to given scenarios.
      3. Evaluate appropriate audit checks to confirm SMSF member structure.
      4. Able to evaluate evidence using a well-considered audit approach to form an opinion on fund structure and respond accordingly.
2. Administration
   1. Duty to keep records
      1. Able to apply knowledge of rules for trustee record keeping requirements to given scenarios.
      2. Able to identify rules for trustee record keeping requirements.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion on trustee record-keepings and respond accordingly.
   2. Section 35C: Trustee to provide auditor with documents
      1. Able to evaluate evidence using a well-considered audit approach to form an opinion on trustee provision of documents obligations and respond accordingly.
      2. Able to identify rules for trustee provision of documents obligation.
   3. Section 104A: Trustee declaration
      1. Able to identify trustee declaration rules.
3. Contributions
   1. Regulation 7.04: Acceptance of contributions
      1. Able to identify rules for accepting, returning and allocating contributions.
      2. Able to apply knowledge of rules for accepting, returning and allocating contributions in given scenarios.
4. Investment & investment transactions
   1. Section 65 Lending to members of regulated super fund prohibited
      1. Able to identify the rules for the provision of loans or financial assistance to members or relatives.
      2. Able to apply knowledge of the rules for the provision of loans or financial assistance to members or relatives in given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion on the provision of loans and financial assistance to members or relatives and respond accordingly.
   2. Part 8 In-house assets
      1. Able to identify in-house asset rules of an SMSF.
      2. Able to apply knowledge of in-house asset rules to given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about in-house assets and respond accordingly.
   3. Section 66 Acquisition of assets by SMSF
      1. Able to identify acquisition of asset rules.
      2. Able to apply knowledge of acquisition of asset rules to given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about acquisition of assets and respond accordingly.
   4. Borrowing
      1. Able to identify borrowing rules.
      2. Able to apply knowledge of borrowing rules to given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about SMSF borrowings and respond accordingly.
   5. SISR Reg 13.14 - Charge over fund assets
      1. Able to identify charge over fund asset rules.
      2. Able to apply knowledge of charge over fund asset rules to given scenario.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about charges over fund assets and respond accordingly.
   6. Section 109 - Arm's length investment
      1. Able to identify arm's length investment rules.
      2. Able to apply knowledge of arm's length investment rules to given scenario.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about arm's length and respond accordingly.
   7. SISR Reg 4.09 - Investment strategy
      1. Able to identify SMSF investment strategy rules.
      2. Able to apply SMSF investment strategy rules.
      3. Able to evaluate evidence in a given scenarios to form an opinion in relations to the SMSF investment strategy rules.
   8. SISR Regulation 4.09A and section 52B Separation of assets
      1. Able to identify separation of assets rules.
      2. Able to apply knowledge of separation of asset rules to given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about separation and respond accordingly.
   9. Valuation of assets
      1. Able to identify valuation of asset rules.
      2. Able to apply knowledge of valuation of asset rules to given scenarios.
   10. Section 62 - Sole purpose
       1. Able to identify sole purpose test rules.
       2. Able to apply knowledge of sole purpose test rules to a given scenarios.
       3. Able to evaluate evidence using a well-considered audit approach to form an opinion about the sole purpose test and respond accordingly.
   11. SISR Reg 13.18AA
       1. Able to identify investment rules for collectables and personal use assets.
       2. Able to apply knowledge of investment rules for collectables and personal use assets to given scenarios.
       3. Able to evaluate evidence using a well-considered audit approach to form an opinion about investments in collectables and personal use assets and respond accordingly.
5. Part 6 SISR Payment standards
   1. Division 6.2 SISR - Payment of benefits
      1. Able to identify the payment standards rules.
      2. Able to apply knowledge of payment standards rules to given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion about the payment of benefits and respond accordingly.
6. Reporting obligations
   1. Reporting obligations
      1. Able to identify reporting obligations of an SMSF auditor.
      2. Able to apply knowledge of reporting obligations to given scenarios.
      3. Able to evaluate evidence using a well-considered audit approach to form an opinion and respond accordingly meeting required reporting obligations.
7. Financial statements
   1. Independence
      1. Understands the requirements to be independent and to make independence self-assessments.
      2. Able to apply the independence self-assessments principals in given scenarios.
   2. Understanding the entity
      1. Able to identify appropriate procedures to understand the entity for the purpose of developing a financial statements audit plan.
   3. Materiality
      1. Able to apply the materiality concepts in the planning stage of a financial statements audit.
   4. Audit plan
      1. Understands the requirement to prepare a tailored audit plan for each financial statements audit.
      2. Able to identify relevant audit risks, including the relevant audit assertions, for financial statement balances/transactions in given scenarios.
      3. Able to identify appropriate audit procedures in response to relevant financial statements audit risks.
   5. Audit evidence
      1. Able to determine what is sufficient appropriate financial statement audit evidence in given scenarios.
   6. Using the work of an expert
      1. Understands the requirements to evidence the adequacy of an expert's work that is relied upon as audit evidence.
      2. Able to identify procedures required to evidence the adequacy of an expert's work that is relied upon as audit evidence.
   7. Auditor's report
      1. Able to determine the appropriate auditor's report on the financial statements in given scenarios.
   8. Quality control
      1. Able to identify appropriate quality control procedures for a financial statements audit, including those relating to the supervision and direction given to engagement team members.
   9. Documentation
      1. Understands the requirements to document the financial statements audit.