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.

The proposal to require SMSFs to prepare their financial statements 45 days before the fund’s annual return is due to be lodged took the sector by complete surprise, an industry service provider has said.

The new auditor independence standards will result in an improved perception of the SMSF auditor’s role by trustees, an SMSF specialist says.