News : Auditing

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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ASIC, Auditing

ASIC disqualifies 36 SMSF auditors

ASIC disqualification SMSF auditors

A failure to maintain SMSF audit experience has resulted in disqualification for 36 auditors and conditions being imposed on a further six practitioners.

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Auditing

Audit rules to drive fund moves

SMSF auditors independence

New independence requirements for SMSF auditors will drive hundreds of thousands of funds to seek a new auditor as the ATO seeks greater separation of services.

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ATO, Auditing

Part A qualifications off ATO radar

Part A qualifications

SMSFs with Part A qualifications in their annual return should check why they occurred as not all issues need to be reported to the ATO, a technical expert has said.

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ATO, Auditing

TPB action key to deterring SAN misuse

SAN misuse

The ATO has welcomed the TPB’s action against tax practitioners who engaged in fraudulent misuse of SMSF auditor numbers (SAN).

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