ASIC Class Order [CO 12/1687]
D. Substantive testingD. Substantive testing
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D. Substantive testing
Tasks
D.1 Planning
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Identify the nature, timing and extent of audit procedures necessary to gather evidence in support of the financial statement assertions for material account balances and classes of transactions.
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Identify the nature, timing and extent of audit procedures necessary to gather evidence in support of the fund's compliance with the relevant sections of the SIS Act.
D.2 Evidence gathering
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Financial statement – gather evidence to support of the financial statement assertions for material account balances and classes of transactions
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SIS Act compliance – gather evidence to test the fund’s SIS Act compliance.
D.3 Evidence evaluation
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Document the results of the testing and conclude on the findings.
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Conclusions must be supported by appropriate audit documentation.
D.4 Decision making
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Consider whether sufficient appropriate audit evidence has been gathered in order to support the opinion.
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Determine the further evidence required and the implications for the engagement plan.
Related knowledge requirements
- Approved SMSF auditors must understand all of the following in relation to the tasks specified in paragraphs 37 to 44:
(a) financial statement assertions;
(b) audit evidence;
(c) audit sampling;
(d) audit documentation;
(e) SIS Act compliance.