News : Auditing

ATO, Auditing

ATO ups auditor independence focus

ATO auditor standards compliance

The ATO will be placing greater emphasis on compliance with the auditor independence standards this year as it is considered a high-risk issue.

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Auditing

Auditors following independence standards

SMSF auditors independence

SMSF returns are showing auditors have complied with independence standards and are moving away from prohibited behaviour.

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ATO, Auditing

Tax agent may provide access to ACR

SMSF auditors ACR

SMSF auditors unable to access lodged ACRs may be able to request copies via their clients’ tax agents.

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Auditing, Investments

Investment strategy an audit risk

SMSF investment strategies auditors.

Monitoring and approving the SMSF investment strategy is continuing to cause angst and confusion among auditors servicing the sector.

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Auditing, Technology

New audit efficiency tool from Evolv

Evolv audit tool

A tool is to be launched by independent specialist audit firm Evolv to allow accountants to identify and address issues before an audit is started.

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Auditing

ASIC moves against 19 SMSF auditors

ASIC SMSF auditors

A number of ASIC investigations have found 19 SMSF auditors in breach of legal obligations, resulting in cancelled registrations or additional conditions.

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Auditing

Strong evidence key to private equity valuations

private equity SMSF

Private equity assets inside an SMSF should have layers of evidence to prove their value and that they are not breaching in-house asset rules.

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ATO, Auditing

ACR lodgements on the rise

ACRs ATO SMSF

The ATO has received an increasing number of auditor contravention reports for both the 2021 and 2022 income years due to the misuse of SMSF assets.

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Auditing, Cryptocurrency

Crypto status can create audit risk

cryptocurrencies audit risk

The non-tangible nature of cryptocurrencies is creating risk areas for SMSF auditors concerned at the lack of physical assets and accurate records.

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Auditing

Auditor portal updated, privacy warning issued

SMSF auditors portal

The ATO has updated its online portal for SMSF auditors and reminded them the information lodged falls under privacy laws.

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