The former Auditing and Assurance Standards Board (AUASB) of the Australian Accounting Research Foundation (AARF) issued a guide to auditing superannuation funds in 2004.

Audit guide number four, The audit of superannuation funds, assists superannuation fund auditors in carrying out their duties with the aim of improving the quality of service provided by auditors to the superannuation industry. It provides detailed, practical assistance in implementing Auditing and Assurance Standards, but does not extend or limit the application of Auditing and Assurance Standards and should be read in conjunction with those standards.

The guide is presented in three parts, plus a supplement, which was issued in 2005, and covers topics including:

• accounting and reporting by superannuation funds
• auditor qualifications, independence of the auditor and other professional obligations
• planning
• using the work of an actuary
• internal controls and risk assessment
• auditing investments, contributions and benefits
• taxation of superannuation funds
• quality control reporting

For further information view the guide and supplement on the AUASB website.