Articles by Darin Tyson-Chan

Auditing

Outsourcing not audit panacea

Outsourcing auditor independence

White-label or outsourcing arrangements are not likely to provide an adequate compliance solution to the amended auditor independence standards.

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Auditing

Audit documentation to increase

Audit documentation

The amended auditor independence standards are likely to lead to increased documentation requirements for accounting firms wanting to retain their existing SMSF audit clients.

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Financial Planning

Adviser numbers anticipated to fall further

financial adviser numbers

Financial adviser numbers are expected to decline further in the next few years but the standard of advisers remaining will continue to improve.

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Strategy

Recontribution strategy can help retain assets

SMSF recontribution assets retention

The ability to retain key assets within an SMSF upon the death of a member can be assisted through the use of a withdrawal and recontribution strategy, a technical manager has said.

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Compliance, Financial Planning

AFCA rules amended after court ruling

AFCA rules amended

The rules under which the Australian Financial Complaints Authority have been changed following a new legislative instrument issued by the Australian Securities and Investments Commission.

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Compliance

Financial misconduct key disqualifying factor

Evidence of dishonest conduct will not automatically disqualify an individual from being an SMSF trustee unless it is of a financial nature.

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Auditing

Independence solution at hand

auditor independence client exchange

A client exchange program has been developed by an accounting software company that could allow practices to retain their SMSF audit arms without breaching the amended auditor independence standards.

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Pensions, Strategy

Intent key for nil-balance members

nil-balance SMSF members

The intention of an SMSF member with a nil balance can be the determining factor as to whether their inclusion in a fund will be problematic.

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Accounting, Auditing

No existing referral threshold

auditor referrals threshold

Accounting firms do not have a prescribed number or percentage of referrals from one source they must avoid in order to comply with the amended auditor independence standards, a specialist practitioner has said.

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Administration, Insurance

Flaw in admin systems detected

Administration software insurance

A weakness exists in standard administration software being used for SMSFs that could impact certain fund strategies, a technical mentor has said.

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