News : Auditing

Valuation awareness left to auditors

February 22, 2022

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

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Auditing

ATO issues SAN misuse reminder

February 7, 2022

Darin Tyson-Chan

Practitioners have been reminded to submit their responses to the SMSF auditor number misuse mail-out performed by the ATO last September.

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Auditing

More auditor interaction needed

January 19, 2022

Darin Tyson-Chan

Measures affecting SMSFs as a result of COVID-19 should encourage trustees to consult with their fund auditor more often.

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Auditing

Trustees can take valuation lead

November 18, 2021

Darin Tyson-Chan

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

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Auditing, NALI/NALE

Discounts create NALE audit concern

November 17, 2021

Jason Spits

SMSF auditors still need more information regarding discounted fees and are cautious about their treatment under the NALE provisions.

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Auditing, Investments

Home gold storage legal, but ill-advised

November 9, 2021

Jason Spits

SMSF trustees can store investment gold in their own home, but auditors are questioning the existence of the asset and wisdom behind that plan.

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Auditing, NALI/NALE

Auditors considering NALE protections

November 8, 2021

Jason Spits

SMSF auditors may seek greater declarations from trustees regarding non-arm’s-length expenditure to prevent litigation in the future.

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Auditing

Decline in auditors not over yet

October 7, 2021

Jason Spits

SMSF auditor numbers are declining and recent changes to independence and fees are likely to drive that trend further.

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Auditing

Audit fee threshold rejected again

September 13, 2021

Darin Tyson-Chan

The proposal to introduce a hard limit on audit fees originating from one referral source has been opposed by the SMSF Association.

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Accounting, Auditing

ATO to ask for auditor independence proof

September 9, 2021

Tia Thomas

SMSF auditors completing an in-house audit will need to prove their firm had no role in the oversight of the fund and trustees were solely responsible.

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