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

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.

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.

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.