The elimination of any policy consideration to change the yearly SMSF audit cycle confirmed in the October federal budget has been welcomed.

The cost of being registered as an SMSF auditor will increase, but those looking to exit will be able to do so at a much lower cost.

An auditor contravention report can add value to the running of an SMSF and as such accountants and trustees should not be fearful of them.

The ATO will continue its work on clamping down on SMSF auditor number misuse with its next mail-out to auditors starting next month.

Auditors do not need to see every piece of documentation associated with SMSF strategies in order to conduct the yearly audit for a fund.