News : Auditing

ASIC, Auditing

ASIC adds conditions to auditors registrations

ASIC auditors conditions

ASIC has taken disciplinary action against two SMSF auditors, adding conditions to their registration after independence breaches and audit quality deficiencies were uncovered.

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Auditing

Routine and mechanical not easy exemption

routine and mechanical auditor

Routine and mechanical in the context of the new auditor independence standards is unlikely to be used as a get-out-of-jail-free card by auditors, an SMSF audit expert says.

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Auditing, Documentation

Data feeds not an auditor independence exception

data feeds auditor standards

Data feeds cannot be used as proof SMSF financial statements have been prepared by an accounting firm in a “routine and mechanical” way in the context of the new auditor independence standards.

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Auditing

Audit transition period requested

auditor transition period

The SMSF Association would like a proper transition period to be granted by the ATO to allow mid-tier accounting firms to adapt to the new auditor independence standards.

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ASIC, Auditing

ASIC reinstates disqualified auditor

ASIC disqualified auditor

ASIC has reinstated a disqualified SMSF auditor following a decision by the Administrative Appeals Tribunal, but has already made moves to appeal the ruling.

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Auditing

Audit quality could now improve

SMSF audits quality

The quality of SMSF audits could improve as a direct result of new independence standards imposed on auditors, a specialist practitioner has said.

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ATO, Auditing

ATO reverses stance on auditor reporting

auditors reports contraventions

The ATO has asked auditors to include any contraventions within an SMSF due to COVID-19-related relief in their independent reports, reversing a position adopted earlier this year.

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Accounting, Auditing

Auditor pick key for accountants

SMSF auditor

The impact of a change of auditor on an accounting firm performing the administration for SMSFs needs careful consideration, a specialist practitioner has said.

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Auditing

Evolv releases audit risk identification tool

evolv audit risk

SMSF audit software provider Evolv has unveiled a new tool that identifies areas of potential risk in an audit.

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Auditing

SMSFs misled regarding 2018 audits

SMSF 2018 audits

The ATO has confirmed a large proportion of the funds connected to SAN misuse for the 2018 financial year did not receive an audit despite SMSF annual returns being lodged.

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