The ATO’s audit independence guidance highlights the near impossibility of firms being able to use automated tools as a path to in-house audits, a technical expert says.

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

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

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.