ASIC, Auditing, Practice Management

New service for SMSF auditors

SMSF auditors Professional review Auditors Institute

Members of The Auditors Institute will soon have a new service made available to them should they want a professional review of their practices.

The Auditors Institute is aiming to provide a new service for its members allowing practitioners to have a professional review of their practices and procedures conducted properly.

“One of the services we have been discussing, and that has arisen from member feedback, is the idea of [establishing] an independent review panel. So we’ve been approached by some members who would like a review of their work papers and their procedures,” The Auditors Institute president Lina De Marco revealed to attendees at the industry body’s SMSF Auditors Day Sydney 2024 hosted last Friday.

“We’ve also been approached by ASIC (Australian Securities and Investments Commission) [to provide] ASIC-mandated reviews.”

De Marco described the new service as a “match-making” facility whereby the organisation will direct members wanting a practice review to a panel of auditors who are able to conduct the exercise.

In pursuit of this direction, the institute is asking for expressions of interest from auditors wanting to have an appraisal of their practice performed, as well as practitioners who are willing to be included on the review panel.

“[In relation to the panel] what we’re thinking is that some sort of qualifying criteria [will be involved] just to make sure the auditors on the panel are appropriately qualified and experienced to be able to review someone else’s work,” De Marco noted.

She also announced the professional body will soon be launching an online ‘problems in practice’ forum.

“We’re just currently working out how to present that and what that will involve so watch this space,” she said.

Further, she provided an update on the associate membership level the institute introduced last year.

“We did this because of our commitment to helping [members train their] junior staff. There was also member feedback that this was needed and part of our mission is to elevate the competency of our auditors,” she said.

“It was taken up really well. So just a reminder it is still available if you would like to undertake this for your junior staff.”

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital