News : Auditing

Auditing

Trustees urged to provide audit evidence

SMSF trustees audit evidence

SMSF trustees have been reminded auditors will only work with the ievidence they are provided and valuation issues are their responsibility.

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ASIC, Auditing

More ASIC auditor fee action needed

SMSF auditors fee

The fee auditors are charged for cancelling their ASIC registration is set to be reduced, but the SMSF Association wants more to be done.

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Auditing

Auditors should question related-party status

auditors related party

Auditors should check if third parties linked to an SMSF are a related party, but funds can clarify this by mapping out these arrangements.

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Auditing

Current lease a key audit document

current lease SMSF audit

SMSF trustees and auditors should be seeing a current lease arrangement each year where a related-party property holding is in the fund.

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ASIC, Auditing

374 auditor registrations voided

SMSF auditors cancelled

A total of 374 SMSF auditors have had their registration with the Australian Securities and Investments Commission cancelled for compliance issues.

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Auditing

Auditors reminded to report SAN misuse

auditors SAN misuse

SMSF auditors have been reminded to alert the ATO to any misuse of their auditor number before the middle of next month.

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Auditing

Pay heed to auditor requests

SMSF auditor information

SMSF trustees should provide auditors with information they need to meet audit standards which demand high levels of compliance.

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Auditing, NALI/NALE

New light shed on NALI audit role

SMSF auditors NALI

The onus on SMSF auditors to detect non-arm’s-length income or expenditure in a fund may have diminished after a ruling in the NSW Supreme Court.

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ASIC, Auditing

ASIC wins appeal to disqualify auditor

ASIC disqualification auditor

ASIC has won the latest round in a series of actions regarding the disqualification of an SMSF auditor, with a final determination yet to be made.

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ASIC, Auditing

ASIC acts against six SMSF auditors

ASIC SMSF auditors

ASIC has taken action to remove five SMSF auditors from practice and imposed conditions on another auditor following referrals from the ATO.

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