News : Auditing

ATO, Auditing

ATO flags audit pooling risks

ATO audit pooling risks

Audit pooling arrangements to sidestep restructuring costs and comply with new audit independence standards carries many risks, the ATO has noted in new guidance.

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ATO, Auditing

Two clear rules for tax agents

tax agents audit rules

The ATO has specified two situations under which it will not allow tax agents to perform an SMSF audit, adding to its practical guidance around the issue.

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Auditing

Extension for auditors sought

Extension sought for auditor independence standard

The SMSF Association has sought to extend the deadline by which accounting firms have to comply with the amended auditor independence standard.

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Auditing

Independence evidence outlined

auditor independence evidence

The evidence accounting firms will need to have to prove no breach of the amended auditor independence standards has occurred has been specified.

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Auditing

Outsourcing not audit panacea

Outsourcing auditor independence

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

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Auditing

Audit documentation to increase

Audit documentation

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

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Auditing

Independence solution at hand

auditor independence client exchange

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.

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Accounting, Auditing

No existing referral threshold

auditor referrals threshold

Accounting firms do not have a prescribed number or percentage of referrals from one source they must avoid in order to comply with the amended auditor independence standards, a specialist practitioner has said.

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ATO, Auditing

ATO scraps APES 110 mail-out

ATO APES 110 mail-out

The ATO will be publishing detailed guidance regarding the new auditor independence standards instead of sending individual letters to SMSF auditors as initially planned.

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Auditing

Amended standard drives audit firm interest

auditor independence third party

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

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