• On 30 September 2013, ASFA made a submission in response to AUSTRAC's discussion paper "Considerations of possible enhancements to the requirements for customer due diligence". ASFA expresses a concern that the thrust of the paper seemed to be to increase the obligations required of reporting entities, including superannuation funds. ASFA noted that it may be impossible for a large super fund to gain a detailed understanding of each fund member, particularly those who have been enrolled by their employers.
  • On 30 September 2013 the Auditing and Assurance Standards Board released updated Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds. The revised Guidance Statement identifies, clarifies and summarises the existing responsibilities which approved self-managed superannuation fund (SMSF) auditors have with respect to conducting SMSF audit engagements, and provides guidance to the auditor on matters which the auditor considers when planning, conducting and reporting on the financial and compliance engagement of a SMSF audit.