Clarity Auditing Standards For SMSFs

Date: 09/08/2010

All audits are affected by new Clarity Auditing Standards and some SMSFs are subject to them now.

A total of 41 auditing standards have been revised and re-issued, advises Susan Orchard CA of GAAP Consulting. She reveals that all audits are affected, including self managed superannuation funds. The new standards apply now to funds created between 1/1/2010 and 30/62010. Susan Orchard advises auditing professionals to familiarise themselves with the new requirements and update their quality control. She also recommends professionals make sure that work programs correctly address the changes and review their audit documentation.