White-label or outsourcing arrangements are not likely to provide an adequate compliance solution to the amended auditor independence standards.

The amended auditor independence standards are likely to lead to increased documentation requirements for accounting firms wanting to retain their existing SMSF audit clients.

A client exchange program has been developed by an accounting software company that could allow practices to retain their SMSF audit arms without breaching the amended auditor independence standards.

The need to meet new auditor independence standards has led to an increase in interest around third-party audit services.

Pooling arrangements established among several accounting firms may not provide a solution facilitating compliance with the amended auditor independence standards, an SMSF specialist practitioner has said.