News : Auditing

ASIC, Auditing

ASIC outlines four-year priorities

ASIC retirement retirement decision-making

ASIC has nominated retirement decision-making and the supervision of SMSF auditors as areas it will be giving priority to over the coming four years.

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Auditing

Increase in auditor engagement

SMSF auditor

More trustees appear to be wanting to meet their SMSF auditor face-to-face to establish a level of comfort over the servicing of their fund.

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Auditing

Workaround possible for limited valuation data

SMSF property valuation

SMSF trustees who cannot find comparable sales data for use in a property valuation can rely on other forms of information if they have sufficient evidence.

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Auditing

Auditor independence causing stress

SMSF auditor independence

The challenges practitioners are currently facing with APES 110 are leading some of them to reconsider a previously unpopular policy.

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ASIC, Auditing

ASIC cancels auditor registrations

ASIC SMSF auditor registration

ASIC has cancelled the registration of SMSF auditors who have continued to fail in their obligations to return annual statements.

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ATO, Auditing

ATO to tell auditors about disqualifications

ATO SMSF auditors disqualification

The ATO will inform SMSF auditors of the disqualification of trustees or directors of a corporate trustee, but has urged them to review the status of all clients.

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ATO, Auditing

SAN misuse on the rise

SAN misuse SMSF returns

The ATO has found the misuse of SMSF auditor numbers on fund annual returns rose in the 2021 income year.

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Auditing, Investments

Beware the 13.22C trust crackdown

13.22c breaches

Auditors are increasing their focus on SMSFs with holdings in SIS Regulation 13.22C unit trusts and any operational breaches that may have occurred.

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Auditing

Audit fee threshold may rise

auditor fee independence threshold

The audit fee independence threshold could be increased and a new transition period introduced following feedback from the SMSF sector.

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Auditing

SAN misuse action having effect

SAN misuse action

Positive results are materialising from the ATO mail-outs to auditors and trustees as a means of addressing instances of SMSF auditor number misuse.

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