News : Auditing

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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Appointments, Auditing

Banton to leave ASF Audits

One of the leading figures in the SMSF audit space will transition into a consultancy role from the end of this month.

One of the leading figures in the SMSF audit space will transition into a consultancy role from the end of this month.

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ATO, Auditing, Compliance, Cryptocurrency, Investments

Crypto valuation reference changed

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

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Auditing

Rank audit evidence by source

The quality of audit evidence will vary depending on its source and SMSF auditors are obligated to rank that information when using it.

The quality of audit evidence will vary depending on its source and SMSF auditors are obligated to rank that information when using it.

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Auditing, Death benefits

Auditors can question slow benefit payments

SMSF auditors can still judge whether a trustee is lagging in the payment of death benefits even if official guidance does not mention timeframes.

SMSF auditors can still judge whether a trustee is lagging in the payment of death benefits even if official guidance does not mention timeframes.

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ATO, Auditing, Compliance

Lost declaration treatment clarified

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

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