News : Auditing

ASIC, Auditing

Auditor disqualified for independence breach

SMSF auditor disqualified

ASIC has disqualified the SMSF auditor registration of a Sydney-based practitioner who was found to be lacking independence and failed to obtain evidence when required to do so.

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ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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Auditing

Limits to sources of audit fees defined

Independence audit fees

The level of SMSF audit fees from a single source that will be considered a threat to independence has been spelt out by the APESB.

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Auditing

Audit checklist a competence measure

auditor client checklist

An indicative measure for accounting firms as to whether the right SMSF auditor has been appointed is if the practice is provided with a client checklist.

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Auditing, Superannuation

Price of audits expected to rise

SMSF audits price

Practitioners have indicated they believe SMSF audit prices will increase after 1 July due to the amendments to APES 110.

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Auditing, Contributions

Auditors must vet downsizer contributions

auditors downsizer contributions

Auditors should examine downsizer contributions to ensure they are made correctly, with the ATO issuing guidance about what will trigger a contravention report.

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ATO, Auditing

Independence certainty impossible

auditor independence guarantee

The ATO has said it cannot guarantee any arrangements implemented by accounting firms will be compliant with the amended auditor independence standards.

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Auditing

Definitive fee limits imminent

auditor fee limits

A move is underway to have APES 110 amended to include fee thresholds defining auditor independence threats.

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ATO, Auditing

ATO confirms independence threat details

auditor independence threat

The ATO has confirmed what may threaten auditor independence when a large volume of business comes from a single referral sources.

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Auditing

Referral rules still evolving

audit referrals guidance

Further guidance on the maximum number of referrals an audit firm can derive from one source is being formulated.

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