A specialist practitioner has identified valuing SMSF holdings in private companies and unlisted unit trust as being a problematic area for auditors with regard to the annual returns of funds.

Specific senior executives from accounting firms should be wary if their organisation breaches the new auditor independence standards, a specialist practitioner has said.

SMSF trustees have been reminded by the ATO it is their responsibility to ensure their fund has not fallen foul of tax agents misusing SMSF auditor numbers.