News : Auditing

ASIC, Auditing

ASIC acts against eight SMSF auditors

ASIC SMSF auditors

ASIC has disqualified the registrations of five SMSF auditors and placed additional conditions on the registrations of three SMSF auditors for failing to meet their auditing obligations.

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Auditing, NALI/NALE

NALE materiality still not clear

SMSF auditors NALE

SMSF auditors will be tasked with deciding when non-arm’s-length expenditure is reasonable despite the lack of certainty on the issue but may find a solution exists in current ATO guidance.

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Auditing, Compliance

Director IDs will be compliance issue

Director ID SMSF

SMSF corporate trustees must ensure they have fulfilled their obligation to obtain a director identification number as the ATO is looking into this area.

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Auditing, Compliance, SMSF

Disclaimers can reduce audit risk

Auditor disclaimer

SMSF auditors need to provide their clients with a disclaimer stipulating the aspects of the fund that have not been examined to lessen litigation risk.

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Auditing, Compliance, SMSF

Auditors urged to seek updated valuations

Audit valuations

SMSF auditors must exercise caution in approving asset valuations and ensure they are up to date with the respective valuation year.

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Auditing

SMSF Auditors Association rebrands

The SMSF Auditors Association of Australia has changed its name to provide support to and represent auditors outside the SMSF sector.

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Auditing, Business News, SMSF

ASF Audits buys Deloitte SMSF auditing unit

ASF Audits Deloitte

ASF Audits and Deloitte have reached an agreement for ASF to acquire Deloitte’s SMSF auditing arm.

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ASIC, Auditing, SMSF

ASIC deregisters more auditors

SMSF auditors registration

ASIC has cancelled the registration of nearly 30 SMSF auditors for failing to lodge annual statements, pushing the number of cancellations past 400 for this year.

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Auditing

Trustee status information lacking

smsf trustee status

SMSF auditors are having to rely on trustees self-declaring they are not disqualified as official registers have not been updated in months.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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