News : Auditing

Auditing

New entities can’t duck audit independence standards

SMSF auditor independence standards

Newly established audit firms will not be considered as a legitimate vehicle facilitating compliance with the new auditing independence standards if they are formed only to service SMSF clients of the accounting practice for which the founders previously worked, the regulator has warned.

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Accounting, Auditing

Tech to ease auditor independence compliance

auditor independence

Technology could play a vital role in business continuity for firms concerned about how best to adapt to new auditor independence standards in order to remain compliant.

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ATO, Auditing

ATO confirms auditor report NALE requirements

SMSF auditors NALE

The ATO has stated SMSF auditors are not required to modify their independent reports with respect to NALE where the compliance approach in PCG 2020/5 applies.

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Accounting, Auditing

Firms adapting to comply with new guidelines

auditor independence standards

Accounting firms are beginning to focus on the operational changes needed to remain compliant with new auditor independence standards, an SMSF audit and administration software provider says.

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ASIC, Auditing

ASIC adds conditions to auditors registrations

ASIC auditors conditions

ASIC has taken disciplinary action against two SMSF auditors, adding conditions to their registration after independence breaches and audit quality deficiencies were uncovered.

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Auditing

Routine and mechanical not easy exemption

routine and mechanical auditor

Routine and mechanical in the context of the new auditor independence standards is unlikely to be used as a get-out-of-jail-free card by auditors, an SMSF audit expert says.

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Auditing, Documentation

Data feeds not an auditor independence exception

data feeds auditor standards

Data feeds cannot be used as proof SMSF financial statements have been prepared by an accounting firm in a “routine and mechanical” way in the context of the new auditor independence standards.

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Auditing

Audit transition period requested

auditor transition period

The SMSF Association would like a proper transition period to be granted by the ATO to allow mid-tier accounting firms to adapt to the new auditor independence standards.

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ASIC, Auditing

ASIC reinstates disqualified auditor

ASIC disqualified auditor

ASIC has reinstated a disqualified SMSF auditor following a decision by the Administrative Appeals Tribunal, but has already made moves to appeal the ruling.

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Auditing

Audit quality could now improve

SMSF audits quality

The quality of SMSF audits could improve as a direct result of new independence standards imposed on auditors, a specialist practitioner has said.

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