News : Auditing

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.

read more
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.

read more
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.

read more
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.

read more
Auditing, Compliance

Separation of assets must be provable

Auditors must seek evidence SMSFs are complying with separation of assets rules regardless of how the fund is holding them.

Auditors must seek evidence SMSFs are complying with separation of assets rules regardless of how the fund is holding them.

read more
ASIC, Auditing

ASIC directs ire at 28 more auditors

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

ASIC moved against 28 approved SMSF auditors between January and June this year, bringing the total of these actions to 48 for 2024/25.

read more
Administration, Auditing, Practice Management, SMSF, Superannuation, Technology

AI already improving audit process

Artificial intelligence tools are already noticeably improving the SMSF audit process for practitioners and clients alike.

read more
Auditing, financial advice, SMSF

Final Caddick settlement just okay

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Melissa Caddick, class action, auditors, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, SMSF audit

The final class action settlement for SMSF investors who fell victim to Melissa Caddick’s fraudulent actions has been seen as a passable outcome.

read more
ATO, Auditing

ATO refers 41 auditors to ASIC

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor review, ASIC, compliance, audit evidence, independence requirements, auditor contravention report lodgements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.