News : Auditing

ATO, Auditing, Compliance

Trustees should be proactive with breaches

Trustees who have a contravention in their fund should be proactive in providing information about the mistake, its rectification and the action they have taken to prevent a reoccurrence.

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Auditing

Data reflects interesting audit trends

The latest industry statistics recently released by the ATO have uncovered some interesting developments among registered SMSF auditors.

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Auditing, NALI/NALE

Audits must ring-fence NALI risk

A significant number of SMSF trustees may be adversely affected by a recent AFCA determination regarding the wholesale investor definition.

Auditors should be clear they will not be liable for any historical NALI-related issues and have that stated in all client documentation.

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Auditing

High audit workload questioned

SMSF auditors, ART on acceptable workloads, SMSF audits, Administrative Review Tribunal, DBA Lawyers, Bryce Figot, Islam and ASIC (2024) ARTA 88, MD Nazrul Islam, ASIC, ATO SMSF statistics

SMSF auditors reviewing hundreds of files each year may need to prove they are meeting required standards following comments from the ART on acceptable workloads.

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Auditing

Audit work concentrated in hands of few

SMSF auditors, audit fees, ATO statistics, statistical overview, self-managed super fund

A few hundred practitioners audit the lion’s share of SMSFs each year, but continue to charge relatively low fees for their work.

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ART, ASIC, ATO, Auditing, Regulation

Adviser and auditor banned

Financial Services and Credit Panel, FSCP, SMSF auditor, ASIC, Administrative Review Tribunal, ART, Glenn Paul Meilak, Terence Murphy

Two separate actions have led to an SMSF adviser and a qualified auditor being banned from practising for failing to maintain the standards expected of them.

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ATO, Auditing, SMSF

Auditor numbers looking healthier

SMSF auditors

The number of registered auditors in the SMSF industry has improved after several years of depletion that affected this cohort.

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Auditing, Technology

AI useful, but needs human touch

AI can be used productively by SMSF auditors, but they still need to oversee its output in the same way they would check the work of a human.

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Auditing, Business News

Baumgartner Super rebrands as Assurify

Baumgartner Super Assurify David Baumgartner David Burrows Sajee Madarasinghe Self-managed superannuation SMSF SMSF audit

Baumgartner Super has undergone a rebrand and will now trade as Assurify, with several new developments to follow in coming months.

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ATO, Auditing

ACR threshold under continued review

SMSF Self-managed superannuation ATO Paul Delahunty auditor contravention report ACR Threshold

The ATO has considered the appropriateness of the $30,000 test in relation to the lodgement of an ACR and will continue to do so in the future.

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