News : Auditing

Auditing, Education, Regulation, SMSF

New practitioner guidance on offer

SMSF practitioners will be able to access practical and timely guidance on key issues as part of a new offer from a consultancy firm.

SMSF practitioners will be able to access practical and timely guidance on key issues as part of a new offer from a consultancy firm.

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Auditing

Strong audits more beneficial

Increased scrutiny during an audit is necessary to pick up compliance failures early on and is preferable to an ATO review.

Increased scrutiny during an audit is necessary to pick up compliance failures early on and is preferable to an ATO review.

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ASIC, Auditing

New charges against banned auditor

An SMSF auditor who has been previously banned by ASIC is facing new charges after allegations he continued to provide these services.

An SMSF auditor who has been previously banned by ASIC is facing new charges after allegations he continued to provide these services.

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ATO, Auditing, Compliance

Bar is high for SMSF auditors

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

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Auditing, Compliance

ATO monitoring low-cost audits

SMSF auditors who charge low fees are viewed by the ATO as an area of risk as it ramps up efforts to see what trustees are paying each year.

SMSF auditors who charge low fees are viewed by the ATO as an area of risk as it ramps up efforts to see what trustees are paying each year.

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ATO, Auditing, Compliance, Legislation, Regulation

Responses not indicative of ACR actions

All auditor contravention reports received by the ATO are examined and actioned but the regulator is limited as to the feedback it provides.

All auditor contravention reports received by the ATO are examined and actioned but the regulator is limited as to the feedback it provides.

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Auditing

Auditor replacement rate low

The replacement rate for SMSF auditors entering the sector remains well under the figure for those leaving it.

The replacement rate for SMSF auditors entering the sector remains well under the figure for those leaving it.

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Auditing, Compliance, Investments, Valuations

Niche assets raise valuation difficulty

SMSFs investing in niche assets should expect an ACR each year due to the difficult nature of providing clear valuation evidence.

SMSFs investing in niche assets should expect an ACR each year due to the difficult nature of providing clear valuation evidence.

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Auditing, Commercial Property, Property

BRP basics causing ATO angst

The ATO has noticed some fundamental flaws regarding audit files dealing with SMSF-owned business real property involving related parties.

The ATO has noticed some fundamental flaws regarding audit files dealing with SMSF-owned business real property involving related parties.

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Auditing, Compliance, Cryptocurrency, Investments, Legislation, Regulation

Crypto audit guidelines issued

The ATO has provided auditors with a set of guidelines to assist them in the servicing of SMSFs with allocations to cryptocurrency.

The ATO has provided auditors with a set of guidelines to assist them in the servicing of SMSFs with allocations to cryptocurrency.

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