News : Auditing

Auditing

Accounts move blindsided sector

SMSFs financial statements

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.

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ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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Auditing

New standards to alter trustee view of audits

independence standards

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

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ATO, Auditing

High-risk contraventions on rise

High-risk contraventions

The proportion of auditor contravention reports compared to SMSFs remained low over the 2020 financial year, but a rise in the number of high-risk and unrectified reports is cause for concern, the ATO says.

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Auditing

Audit independence deadline unlikely to move

Audit independence deadline

SMSF auditors will have no excuse for not having complied with new independence standards by mid-2021 despite the volume of work that will be required, an SMSF lawyer has claimed.

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ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

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Accounting, Auditing

New standards allay accountant fears

SMSF auditor standards

The new auditor independence standards will alleviate SMSF accountants’ fears of encroaching on fund auditors’ territory and ultimately result in a better level of service for trustees.

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Auditing

New standards boost auditor role

new auditor standards

The restructured APES 110 Code of Ethics will help reinforce the important role auditors play in protecting trustees’ retirement savings, a major accounting body says.

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Auditing, Documentation, Property

Evidence key to reporting property valuations

property valuations evidence

Funds must ensure they provide sufficient evidence to back up market valuations when reporting real property assets, an SMSF technical expert says.

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Auditing

Notification key to audit change

SMSF auditor standards

SMSF clients need to be informed of the changes to the auditor independence standards and how their funds may be be impacted as a result, an SMSF technical expert says.

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