The new auditor independence standards will alleviate SMSF accountants’ fears of encroaching on fund auditors’ territory and ultimately result in a better level of service for trustees.

Technology could play a vital role in business continuity for firms concerned about how best to adapt to new auditor independence standards in order to remain compliant.

Accounting firms are beginning to focus on the operational changes needed to remain compliant with new auditor independence standards, an SMSF audit and administration software provider says.

The impact of a change of auditor on an accounting firm performing the administration for SMSFs needs careful consideration, a specialist practitioner has said.