News : Auditing

Auditing, LRBA

Auditors must still check LRBA offsets

ADI, ASF Audits, ATO, Auditors, Authorised Deposit-taking Institution, limited recourse borrowing arrangement, LRBA, management letter, non-ADI, offset accounts, self-managed super, Self-managed superannuation fund, Shelley Banton, SMSF

Recent ATO comments on LRBAs with offset accounts have changed little for auditors, who must check them as part of their reports.

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Auditing, Valuations

Zero valuations unacceptable

ATO, Auditor contravention report, Bryce Figot, DBA lawyers, Division 296, negative net assets, self-managed super, Self-managed superannuation fund, SMSF, The Auditors Institute, unlisted shares, zero valuations

SMSFs that value assets at zero are unlikely to find that view accepted by the ATO and should seek better evidence as to their actual worth.

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Auditing, Technology

Div 296 means auditors need tech

The proposed Division 296 tax will create more work for SMSF auditors, meaning they need to look at how technology can make their lives easier.

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Auditing, Compliance, Documentation

Check existence of old declarations

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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ATO, Auditing, Compliance

Audit guidance reissued by ATO

SMSF, self managed super, audit, SMSF auditors, guidance, ATO, Part B, SIS Act, SIS Regulations, SMSF trustees, auditor contravention report, ACR

The ATO has released a lengthy guide on what it expects SMSF auditors to consider, noting these requirements are its minimum expectations.

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ATO, Auditing

Auditors urged to check SAN misuse

SMSF auditors should be checking if their details have been misused with the ATO noting few have accessed its online information service over the past year.

SMSF auditors should be checking if their details have been misused, with the ATO noting few have accessed its online information service over the past year.

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Auditing, NALI/NALE

NALE identification role shared

Tax agents have a shared role with auditors in identifying where NALE has arisen in an SMSF and a failure to recognise it may be a breach of their obligations.

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Auditing, Regulation, SMSF, Superannuation

New stakeholder in ASF Audits

ASF Audits, Fortitude, Nick Miller, Chris Atkins, Casey McGrath, Fortitude Investment Partners, Adelaide,

A private equity firm has taken a large stake in ASF Audits as one of its longest serving staffers announces his departure.

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ATO, Auditing, Technology

ATO confirms AI use not fully reliable

The ATO believes practitioners and trustees cannot completely rely on AI to undertake SMSF functions and an element of human involvement is still needed.

The ATO believes practitioners and trustees cannot completely rely on AI to undertake SMSF functions and an element of human involvement is still needed.

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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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