The Institute of Chartered Accountants Australia (ICAA) has issued two new guides to assist the running of self managed superannuation funds (SMSFs).
The two areas of SMSF management covered by the materials are the audit function and general administration.
Both guides have been published by Thomson Reuters with The Australian Audit Guide for Self-Managed Superannuation being the first of its kind in the domestic market.
This guide in particular has been designed as a supplement to the Australian Auditing Standards.
“Independence is a key requirement of any professional audit and with the Australian Taxation Office continuing its focus on the risks related to approved auditors of SMSFs, this guide will be invaluable to auditors to help them better understand and meet their obligations,” ICAA head of superannuation Liz Westover said.
“The Institute recognised the need for a complete resource that provides guidance, commentary and referencing of the various standards and regulations, detailed working papers and work programs to facilitate an efficient and comprehensive audit,” she said.
The other guide is entitled The Australian Administration Guide for Self-Managed Superannuation Funds and covers more of the general issues in running an SMSF.
Topics addressed include the role of the Australian Taxation Office as a regulator, contributions rules, investment rules, trustee covenants and death benefits.
