ATO, Auditing, SMSF

ATO updates SMSF auditor’s report

ATO SMSF independent auditors report ASQM1 ASQC1 SMSF auditors

The SMSF independent auditor's report has been updated, reflecting changes to audit standards that came into effect in late 2022.

The ATO has released key changes to its SMSF independent auditor’s report (IAR), reflecting updates to the quality management requirements released by the Auditing and Assurance Standards Board in early 2021.

The regulator stated the new IAR, carrying the code NAT 11466, has removed the reference to Auditing Standard ASQC 1 from Part B of the report and replaced it with a reference to Auditing Standard ASQM 1.

In a related update on its website, the ATO further explained the change, noting Part B of the IAR was changed for the reporting period starting 1 July 2024 as ASQC 1 had been superseded on 15 December 2022 by ASQM 1 and systems of quality management in compliance with the new standard had to be in place by that date.

The new IAR is available directly from the ATO’s website, which has highlighted differences in its application for various financial years.

“For all audits completed on or after 1 July 2024 you must use the SMSF independent auditor’s report NAT 11466. This includes audits you complete on or after this date regardless of what income year they apply to,” the ATO stated.

“When using this report for earlier reporting periods, make sure you comply with the auditing standards and legislation that applied to the earlier period.”

In regards to auditors’ obligations to clients, it noted: “The NAT 11466 is the approved form referred to in section 35C(6) of the Superannuation Industry (Supervision) Act.

“You must give all the SMSF trustees a report on the operation of the SMSF, in the approved form, 28 days after the trustee of the fund has provided all documents relevant to the preparation of the report to the auditor.”

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