News : Auditing

Auditing, Compliance

Separation of assets must be provable

Auditors must seek evidence SMSFs are complying with separation of assets rules regardless of how the fund is holding them.

Auditors must seek evidence SMSFs are complying with separation of assets rules regardless of how the fund is holding them.

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ASIC, Auditing

ASIC directs ire at 28 more auditors

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

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Administration, Auditing, Practice Management, SMSF, Superannuation, Technology

AI already improving audit process

Artificial intelligence tools are already noticeably improving the SMSF audit process for practitioners and clients alike.

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Auditing, financial advice, SMSF

Final Caddick settlement just okay

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Melissa Caddick, class action, auditors, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, SMSF audit

The final class action settlement for SMSF investors who fell victim to Melissa Caddick’s fraudulent actions has been seen as a passable outcome.

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ATO, Auditing

ATO refers 41 auditors to ASIC

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor review, ASIC, compliance, audit evidence, independence requirements, auditor contravention report lodgements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

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Auditing

Engagement letter locks in responsibility

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, auditor, letter of engagement, ARC Super, Ashley Course, Ryan Wealth Holdings Pty Ltd v Baumgartner, contractual obligation

SMSF auditors commit to protecting the interests of fund trustees and members when they issue a letter of engagement.

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Auditing

Highlight risks to avoid audit advice

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, auditor, risky assets, evidence, reasoning, The Super Playbook 2025, ARC Super, Ashley Course, investment strategy

Auditors can flag the presence of risky assets in an SMSF by highlighting the absence of evidence or reasoning for their presence in a fund.

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Auditing, LRBA

Auditors must still check LRBA offsets

ADI, ASF Audits, ATO, Auditors, Authorised Deposit-taking Institution, limited recourse borrowing arrangement, LRBA, management letter, non-ADI, offset accounts, self-managed super, Self-managed superannuation fund, Shelley Banton, SMSF

Recent ATO comments on LRBAs with offset accounts have changed little for auditors, who must check them as part of their reports.

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Auditing, Valuations

Zero valuations unacceptable

ATO, Auditor contravention report, Bryce Figot, DBA lawyers, Division 296, negative net assets, self-managed super, Self-managed superannuation fund, SMSF, The Auditors Institute, unlisted shares, zero valuations

SMSFs that value assets at zero are unlikely to find that view accepted by the ATO and should seek better evidence as to their actual worth.

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Auditing, Technology

Div 296 means auditors need tech

self managed super, self managed superannuation, SMSF, Division 296, auditors, Sharesight, Doug Morris, SMSF portfolio, $3 million threshold

The proposed Division 296 tax will create more work for SMSF auditors, meaning they need to look at how technology can make their lives easier.

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