News : Auditing

Auditing

Auditor angst over fee threshold

auditor independence fee

Four specialist SMSF audit firms have lodged a joint submission to the Accounting Professional & Ethical Standards Board challenging its proposed auditor independence fee threshold.

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ATO, Auditing

SuperStream audit checks to start in October

auditors SuperStream

The ATO has advised SMSF auditors they will need to gather evidence regarding non-compliance with SuperStream rules from 1 October only.

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Auditing, Superannuation

Rollover evidence must be provided to auditors

SMSF rollover

SMSF members leaving their fund are still required to show their rollover has gone to another fund even when the SMSF is shutting down.

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Auditing, Superannuation

Partial audit outsourcing an option

audit accounting

Accounting firms are beginning to consider partial outsourcing as a compliance solution for the amended auditor independence standards.

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Auditing, Documentation

Asset valuation evidence must be more detailed

Asset valuation evidence

The evidence used to justify the market valuation of an asset must be more detailed and provided to auditors under new guidance from the ATO.

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Auditing

Audit pooling has practical risks

audit pooling

Inhibiting practical risks may result for audit firms entering into pooling arrangements in order to comply with the amended auditor independence standards.

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Auditing, Superannuation

ATO to allow auditors to save ACRs offline

ATO auditors ACRs

SMSF auditors will be able to save an electronic copy of any contravention report they lodge, creating their own historical record, as part of new ATO changes.

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Auditing

APES 110 has impacted slow audits

APES SMSF audits

The amended auditor independence standards contained in APES 110 have already impacted some SMSF audits that were unable to be completed before 1 July 2021.

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ATO, Auditing

Auditor independence guideline updated

SMSF auditors guidelines

The independence standards guideline for SMSF auditors published by the ATO has been updated to define certain parameters regarding operational reviews.

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Auditing, Superannuation

Use of new audit report required now

independent auditor report

Practitioners will be required to use a new version of the SMSF independent auditor’s report for any audits performed on or after 1 July 2021.

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