Introduction and Overview
This session is guaranteed to make auditors re-consider their current procedures relating to audit evidence and audit reporting. SMSF auditors have always been required to obtain sufficient appropriate audit evidence to support their opinion. But two recent legal cases have further highlighted the need for auditors to take their obligations seriously.
This session will cover in detail what is arguably the greatest issue facing SMSF auditors for a long time. That is, what is considered appropriate evidence, the auditor’s reporting requirements, and the potential implications for not obtaining appropriate evidence and reporting correctly.
- Recent litigation cases involving audit evidence and reporting requirements
- Australian auditing standards and legislative requirements relating to audit evidence
- Auditor’s reporting requirements in various situations relating to the lack of audit evidence and the recent litigation cases
Benefits and Outcomes
This session will challenge auditors to rethink their obligations relating to audit evidence and reporting.