News : Auditing

Auditing, Investments

Good returns should not prevent ACR

Assets that lack a market valuation may still be good investments for an SMSF, but auditors are still required to flag them via an ACR.

Assets that lack a market valuation may still be good investments for an SMSF, but auditors are still required to flag them via an ACR.

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Auditing, Compliance, Documentation, Legislation, Regulation

Flag deed chain problems in audit

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

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Auditing, Compliance

Don’t avoid review recommendation

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

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Auditing, Insurance

Auditor PI should cover all action

Auditors should check if their PI insurance covers legal action from both clients and regulators as some policies limit their claims.

Auditors should check if their PI insurance covers legal action from both clients and regulators as some policies limit their claims.

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ATO, Auditing, Compliance, Legislation, Regulation

Breach leniency contrasts audit focus

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

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Auditing, Compliance, Legislation, Regulation

All audit relationships need scrutiny

Auditors who engage with a non-financial services business and also audit the proprietor’s SMSF might breach auditor independence rules.

Auditors who engage with a non-financial services business and also audit the proprietor’s SMSF might breach auditor independence rules.

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ATO, Auditing, Valuations

Check valuation challenge assumptions

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

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Auditing, Property, Valuations

Can SMSF trustees value property?

The proper valuations of SMSF held properties continues to raise questions among trustees as they remain unclear as to what they can actually do.

The proper valuations of SMSF held properties continues to raise questions among trustees as they remain unclear as to what they can actually do.

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Auditing, Technology

AI audit dangers highlighted

A regulator has noted auditors must not be over-reliant on artificial intelligence and to examine the validity of any content it produces.

A regulator has noted auditors must not be over-reliant on artificial intelligence and to examine the validity of any content it produces.

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Appointments, Auditing

Specialist launches SMSF consultancy

SMSF audit, technical and education specialist Shelley Banton has revealed details of her new firm and its aims to service the sector.

SMSF audit, technical and education specialist Shelley Banton has revealed details of her new firm and its aims to service the sector.

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