News : Auditing

Auditing

Trustee management letter use improper

Self-managed superannuation SMSF auditors trustee management letter market valuations ATO Paul Delahunty

The trustee management letter is not being used appropriately by a number of SMSF auditors, resulting in suboptimal consequences for them.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF Self-managed super auditor contravention report ACR Accurium Anthony Cullem Seamless SMSF Frank La Spada compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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Auditing

Key audit materials should be used

SMSF auditors should use key materials such as guidance statements as the basis for their processes to make them as robust as possible.

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ATO, Auditing, Compliance

Static asset values can be legitimate

There can be legitimate reasons as to why an SMSF asset has not changed in value over several years, but auditors must document their presence.

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ATO, Auditing

SMSF auditor independence targeted

Recent action against SMSF auditors clearly indicates regulators are enforcing the independence standards for the betterment of the sector.

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ATO, Auditing, Documentation

Audit files miss trustee fundamentals

SMSF Self-managed superannuation Trustee declarations ATO Paul Delahunty Auditors

The files of many SMSF auditors are currently missing some fundamental documentation elements involving basic trustee obligations.

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Auditing, Property

Second-tier valuation evidence less reliable

SMSF Self-managed superannuation Deloitte Liz Westover Asset valuation Audit evidence

Trustees struggling to get formal property valuation evidence can use other forms of data to support their estimate, but they may be regarded as less reliable by the fund’s auditor.

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Auditing, Compliance, SMSF

Incomplete audit files a key error

Audit file Notation Market valuation Error

Lack of notation in the official files relating to procedures performed as part of an SMSF audit is the most common error made by practitioners.

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