News : Auditing

Auditing, Investments, SMSF, SMSFA, Strategy

Simplify strategies for audit success

SMSF investment strategy audit

SMSF investment strategies that are concise, focused and in compliance with the SIS Regulations are likely to have a better chance of passing the yearly audit of the fund.

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ATO, Auditing

Valuation guidance clashes with law

SMSF audit asset valuation guidance

Valuation guidelines issued by the ATO contradict superannuation regulations, creating difficulties for auditors in maintaining their legal and professional standards.

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ATO, Auditing, Compliance, SMSF

Clean audit file key in case of review

SMSF auditors audit file ATO review

In anticipation of a potential ATO review, SMSF auditors have been advised to maintain essential documents and ensure their audit files are free from irrelevant information.

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Auditing, NALI/NALE, Property, SMSF

ACR key to property project probes

ACR NALI SMSF property development

It is expected the ATO will use a multipronged approach to examine SMSF investments in property development schemes for non-arm’s-length income breaches.

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Administration, Auditing, Investments, SMSF

SMSFs remain cost-effective

Class report SMSF costs

The cost-effectiveness of SMSFs has continued to be drawn out, with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

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ATO, Auditing

ATO and auditors not aligned

ATO SMSF auditors practice

The practices of some SMSF practitioners do not seem to be aligning with the ATO’s expectation of how the annual audit should be performed.

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Administration, Auditing, SMSF

Resolution key for sign-offs

Preparing financial statements

A resolution requiring the approval of all members of an SMSF in preparing financial statements may negate the risk of a dispute and ensure compliance within the fund.

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ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

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ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

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