News : Auditing

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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
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.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.