5.30 PM   Registration & Welcome Refreshments

6.00 PM   Estate Planning 101 - Speaker; Mr Manoj Abichandani

6.45 PM:   Questions and Discussion on Pensions

7.00 PM   Discussion: Changes to the requirements for obtaining an actuarial certificate

7.30 PM   Close of Meeting

If breaches of new legislation go unreported and ATO picks them up in their data matching process, negligent auditors can lose their licence. Auditors will need to be more vigilant and alert while auditing and more importantly posses "expert knowledge" as they will be called, more often, for their "audit opinion" on situations beyond the comprehension of a part time SMSF accountant (someone who administers less than 50 funds). These enquiries are likely to make the auditors role challenging & offcourse interesting.

There are very few SMSF auditor focused sessions on the new changes or seminars where auditors can update their knowledge. The challenge of new legislation is in the detail and many presentations are able to only scratch the surface.

Further, there is a Continuing professional development requirements that an approved SMSF auditor must complete, which is at least 120 hours of continuing professional development (CPD) training every three years, which must include 30 hours of training on superannuation of which at least 8 hours of training is about auditing of SMSFs. Time spent in this discussion group should be eligible for 1.5 hours in SMSF Audit under the self assessment method.

Manoj Abichandani SMSF Specialist (UNSW)

Manoj has been working in SMSF Space since 1988 in various capacities. Earlier he worked for a Specialist CPA firm as an advisor / accountant where he was responsible for 600 SMSF's funds, later he set up an audit firm where over 2,500 funds were audited each year which helped him to write Australia's first online audit software. At the time of writing over 58,000 funds have been audited on the online software and is the only online SMSF audit software where an SMSF auditor can save half his audit time.