Explanation of the impact of clarity auditing standards on SMSF auditor’s reports (30.06 KB) - last updated Monday, 26 July 2010
Date issued: 26 July 2010
The Auditing and Assurance Standards Board (AUASB) has issued an Explanation of the impact of clarity auditing standards on SMSF auditor’s reports.
This document explains that self-managed super funds (SMSF) need to include an emphasis of matter paragraph for periods commencing on or after 1 January 2010 to meet the requirements of ASA 800 Special considerations — audits of financial reports prepared in accordance with special purpose frameworks.
This emphasis of matter paragraph shows that the financial report was prepared using a special purpose framework. This change will be relevant to audits of SMSFs established during 2010 for 30 June 2010 year ends and audits of all SMSFs for 30 June 2011 year ends.
The AUASB also notes that GS 009 Auditing self-managed superannuation funds will be revised in the current financial year to take account of the new suite of revised and redrafted standards in clarity format.