News : Auditing

Disclaimers can reduce audit risk

July 10, 2023

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

July 10, 2023

Todd Wills

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

July 10, 2023

Jason Spits

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

June 13, 2023

Todd Wills

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

June 6, 2023

Jason Spits

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

May 24, 2023

Jason Spits

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

May 23, 2023

Darin Tyson-Chan

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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ATO, Auditing, Compliance, Superannuation

Accurate notices of intent vital

May 23, 2023

Todd Wills

Notices of intent in relation to personal contributions will not be covered by the audit process this year putting greater onus on SMSF members to ensure they are accurate.

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Auditing, SMSF