News : Auditing

Auditing

ACR instructions amended

ACR, valuations. ATO, Auditor Contravention Reports,

The auditor contravention report instructions have been updated, with the ATO making specific changes to three operational areas.

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ASIC, ATO, Auditing

ASIC sanctions 17 SMSF auditors

ASIC has cracked down on 17 SMSF auditors who failed to meet their compliance obligations, banning some and imposing various disciplinary measures on others.

ASIC has cracked down on 17 SMSF auditors who failed to meet their compliance obligations, banning some and imposing various disciplinary measures on others.

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Auditing, Legislation, SMSF, Superannuation

Cold-caller operations a concern

SMSF Association, Peter Burgess, 2019 Hayne Royal Commission, Code of Ethics, SMSFs,

The SMSF Association is concerned about the rise in the number of cold-calling operations encouraging people to set up a fund, noting they breach consumer protection laws.

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ATO, Auditing, SMSF, Superannuation

Share registry valuations questionable

SMSF members should not rely on old valuations sourced from a share registry when valuing stocks that will form part of an in-specie contribution.

SMSF members should not rely on old valuations sourced from a share registry when valuing stocks that will form part of an in-specie contribution.

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ATO, Auditing

Detail evidence provided to ATO

Administrative Review Tribunal, ATO, audit evidence, audit files, Bryce Figot, burden of proof, DBA lawyers, SMSF auditors, soft copy

Audit evidence provided to the ATO should be done in soft copy with a complete list of all documents to prevent loss and mistakes impacting its decisions.

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Auditing, Property

Title search primacy confirmed

Title search, SMSF, property, ART, SMSF auditor, Administrative Review Tribunal, asset ownership, DBA Lawyers, Bryce Figot, Murphy and ASIC, Terence Murphy, ASIC

The status of a title search as the central document to prove an SMSF owns property has been confirmed in a recent ART case involving an auditor.

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ATO, Auditing, Compliance

Trustees should be proactive with breaches

Trustees who have a contravention in their fund should be proactive in providing information about the mistake, its rectification and the action they have taken to prevent a reoccurrence.

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Auditing

Data reflects interesting audit trends

The latest industry statistics recently released by the ATO have uncovered some interesting developments among registered SMSF auditors.

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Auditing, NALI/NALE

Audits must ring-fence NALI risk

A significant number of SMSF trustees may be adversely affected by a recent AFCA determination regarding the wholesale investor definition.

Auditors should be clear they will not be liable for any historical NALI-related issues and have that stated in all client documentation.

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Auditing

High audit workload questioned

SMSF auditors, ART on acceptable workloads, SMSF audits, Administrative Review Tribunal, DBA Lawyers, Bryce Figot, Islam and ASIC (2024) ARTA 88, MD Nazrul Islam, ASIC, ATO SMSF statistics

SMSF auditors reviewing hundreds of files each year may need to prove they are meeting required standards following comments from the ART on acceptable workloads.

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