ASIC SMSF Auditor Competency Exam Practice Questions - ASIC Self-Managed Superannuation Fund (SMSF) Auditor Competency Exam - ASIC SMSF Auditor Competency Exam Practice Questions - ASIC Self-Managed Superannuation Fund (SMSF) Auditor Competency Exam

Question 1

Under section 17A of the SIS Act, what is the maximum number of members an SMSF may have?

Four members Six members Five members Ten members

Correct Answer:

Six members

Question 2

An SMSF has individual trustees. Which structure is generally required for the fund to remain an SMSF?

Only one member needs to be a trustee if a licensed trustee company is also appointed In a multi-member fund, any adult relative may be an extra trustee even if they are not a member Each member must also be a trustee of the fund (subject to limited legal personal representative exceptions) Trustees may be unrelated employees of the members' business only

Correct Answer:

Each member must also be a trustee of the fund (subject to limited legal personal representative exceptions)

Question 3

An SMSF uses a corporate trustee. Which check best supports an opinion that the fund still meets the SMSF definition?

Confirming the company has at least three independent non-member directors Confirming the corporate trustee also holds an Australian financial services licence Confirming the company is listed on the ASX Confirming every member is a director of the corporate trustee (subject to limited exceptions)

Correct Answer:

Confirming every member is a director of the corporate trustee (subject to limited exceptions)

Question 4

During planning, an auditor finds an SMSF now has seven members after admitting a new member mid-year. What is the most appropriate initial compliance concern?

The fund may no longer meet the section 17A SMSF definition The fund automatically becomes a public offer APRA-regulated fund with no further action The auditor must resign immediately without documenting the issue Member numbers are irrelevant provided benefits remain preserved

Correct Answer:

The fund may no longer meet the section 17A SMSF definition

Question 5

Which audit approach best evaluates whether an SMSF's trustee structure complied throughout the year?

Inspect trustee minutes, the trust deed, member register and company extracts only at year-end without testing mid-year changes Obtain and compare membership, trustee or director appointments and changes across the year against section 17A requirements Rely solely on a trustee verbal representation that 'everyone is a trustee' Assume compliance if the prior-year auditor did not qualify Part B

Correct Answer:

Obtain and compare membership, trustee or director appointments and changes across the year against section 17A requirements

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Prepare with the ASIC SMSF Auditor Competency Exam Practice Questions - ASIC Self-Managed Superannuation Fund (SMSF) Auditor Competency Exam practice quiz. This question bank includes 100 questions covering smsf, auditor, section, member, and trustees. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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ASIC SMSF Auditor Competency Exam Practice Questions - ASIC Self-Managed Superannuation Fund (SMSF) Auditor Competency Exam

This practice set contains 100 questions from the matching question bank and focuses on smsf, auditor, section, member, and trustees. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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ASIC SMSF Auditor Competency Exam Practice Questions - ASIC Self-Managed Superannuation Fund (SMSF) Auditor Competency Exam

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