News : Auditing

ATO, Auditing, Compliance

ATO monitoring auditor workload

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

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Auditing, Compliance, Property

Rent a related-party lease failure flag

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

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Auditing

Act2 attains peak data security standard

Act2 Solutions has become the first Australian actuarial firm to achieve the highest globally recognised data security certification.

Act2 Solutions has become the first Australian actuarial firm to achieve the highest globally recognised data security certification.

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Auditing, Technology

Getting AI use in SMSF audits right

The increasing incorporation of artificial intelligence in SMSF audit processes requires stronger guidelines to ensure sector integrity.

The increasing incorporation of artificial intelligence in SMSF audit processes requires stronger guidelines to ensure sector integrity.

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Auditing, Documentation

Revised auditor onus for declarations

Auditors now have new record-keeping obligations regarding the SMSF trustee declaration, with compliance in that area a current focus of the ATO.

Auditors now have new record-keeping obligations regarding the SMSF trustee declaration, with compliance in that area a current focus of the ATO.

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Auditing, Division 296, Superannuation, Tax

No extra auditor duties under Div 296

Auditors will not be required to take on extra responsibilities once the Division 296 tax commences.

Auditors will not be required to take on extra responsibilities once the Division 296 tax commences.

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Auditing, Valuations

Relevant timeframe key for valuations

A year-end property valuation must be made within reasonable proximity to 30 June for it to be considered acceptable audit evidence.

A year-end property valuation must be made within reasonable proximity to 30 June for it to be considered acceptable audit evidence.

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Auditing, Education

Auditors Institute releases new course

The Auditors Institute will bring to market a new course for practitioners to develop their superannuation and compliance knowledge.

The Auditors Institute will bring to market a new course for practitioners to develop their superannuation and compliance knowledge.

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ATO, Auditing, Documentation

Auditors prompted over evidence

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

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Auditing, Documentation

ATO reminder on representation letters

The ATO has reminded SMSF auditors that audits need to include a signed and dated trustee representation letter.

The ATO has reminded SMSF auditors that audits need to include a signed and dated trustee representation letter.

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