News : Auditing

Auditing, Insurance

Auditor insurance check not onerous

SMSF auditors are not required to check if members have insurance via their fund, but only whether the trustee has considered their needs each year.

SMSF auditors are not required to check if members have insurance via their fund, but only whether the trustee has considered their needs each year.

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Auditing, Cryptocurrency, Digital assets

Crypto guidance for auditors imminent

The ATO will soon release guidance to assist auditors satisfy their obligations when reviewing digital assets such as cryptocurrency.

The ATO will soon release guidance to assist auditors satisfy their obligations when reviewing digital assets such as cryptocurrency.

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Auditing, Division 296, SMSF

Div 296 allocation not an audit issue

Auditors should be aware of how Division 296 earnings are allocated, but are not required to pass professional judgment on them.

Auditors should be aware of how Division 296 earnings are allocated, but are not required to pass professional judgment on them.

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Artificial Intelligence, Auditing

Professional judgement is best AI limit

There are no statutory limits on using AI to create or check valuations meaning professional judgement must always be employed with this practice.

There are no statutory limits on using AI to create or check valuations meaning professional judgement must always be employed with this practice.

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ATO, Auditing

Review of ATO has auditor significance

The Australian National Audit Office review into the ATO’s role as the regulator of the sector has significance for SMSF auditors.

The Australian National Audit Office review into the ATO’s role as the regulator of the sector has significance for SMSF auditors.

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ATO, Auditing, Valuations

Market valuation audit work an ATO worry

The audit procedures relating to market valuations are causing angst for the ATO, with several issues being identified as problematic.

The audit procedures relating to market valuations are causing angst for the ATO, with several issues being identified as problematic.

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Auditing, NALI/NALE

NALI is an audit responsibility

Auditors as well as tax agents have a responsibility to determine whether an SMSF has triggered the non-arm’s-length income provisions.

Auditors as well as tax agents have a responsibility to determine whether an SMSF has triggered the non-arm’s-length income provisions.

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Auditing

Auditor’s crucial role when fraud occurs

The SMSF auditor has a critical role to play when a fund has incurred financial losses as a result of fraudulent activity.

The SMSF auditor has a critical role to play when a fund has incurred financial losses as a result of fraudulent activity.

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ASIC, Auditing

SMSF auditor sentenced to community work

A former practitioner has been sentenced to unpaid community service after he pleaded guilty to acting as an SMSF auditor while disqualified.

A former practitioner has been sentenced to unpaid community service after he pleaded guilty to acting as an SMSF auditor while disqualified.

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ATO, Auditing

SAR modified for audit data capture

The 2026 SMSF annual return has been modified with new labels to improve the information the ATO has about yearly fund audits.

The 2026 SMSF annual return has been modified with new labels to improve the information the ATO has about yearly fund audits.

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