Auditors will look for evidence trustees have reviewed their SMSF investment strategy in light of the significant events of 2020, an audit expert says.

Auditors must comply with a new guide’s standards to ensure SMSF auditor independence, the ATO says.

Auditors have upped their intensity since the ATO sent out letters last year questioning the investment strategies of SMSFs, a senior executive in the sector has said.

The internal controls of an SMSF need to be taken into account when performing an audit, regardless of the type of audit being carried out, a specialist practitioner has said.

SMSF auditors will have their work processes examined by the ATO after new guidelines were introduced governing the scope of their independence.

The Tax Practitioners Board (TPB) must take action against tax agents believed to have misused SMSF auditor numbers (SAN) to prevent it happening again, a specialist auditor says.

There is an increasing onus on SMSF auditors to detect fraud and the processes to do so are becoming more substantial, a leading practitioner has said.