News : Auditing

Auditing

Evolv upgrades licensed audit platform

Evolv Super audit platform

SMSF audit firm Evolv Super has made key upgrades to its audit platform that focus on risk reduction and efficiency.

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ASIC, Auditing

ASIC acts on SMSF auditor misconduct

ASIC SMSF auditors misconduct

ASIC has disqualified two SMSF auditors and added conditions to the registration of another following referrals from the ATO.

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Auditing, Investments

Investment strategy acknowledgement can be simple

SMSF investment strategy documentation

Obtaining simple documentation can be enough for auditors to determine SMSF trustees have fulfilled their legal obligation with regard to a fund’s investment strategy, according to the ATO.

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Auditing

Recent court cases to affect SMSF audits

court cases SMSF audits

The outcomes of two recent cases will influence how audits are completed this financial year, however, audit obligations themselves will remain unchanged, an SMSF audit expert says.

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Auditing, Investments

Whole of wealth picture beyond auditors’ scope

auditors investment strategy SMSF

A technical manager has claimed that SMSF auditors cannot assess the adequacy of a fund’s investment strategy in the context of a trustee’s assets held both inside and outside of super.

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Auditing, Investments

Investment strategy percentages not needed

SMSF investment strategies portfolio

Fund investment strategies do not need to specify the percentage of an SMSF portfolio that will be allocated to a certain asset class, a specialist auditor has said.

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ATO, Auditing

Auditors in frame for SMSF investment strategy

auditors investment strategy ATO

Auditors may be held responsible for the absence of an investment strategy, with recent letters from the ATO showing they had a gatekeeper role.

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ATO, Auditing

ATO to ramp up SAN misuse scrutiny

ATO SAN misuse

The ATO will review the use of SANs each year after finding a high number of possible breaches by hundreds of tax agents.

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ATO, Auditing

Reciprocal auditing may attract ASIC action

Reciprocal auditing ASIC action

The ATO has identified reciprocal auditing arrangements as a risk to auditor independence and recommended auditors stop the practice to avoid greater scrutiny or regulatory action.

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Auditing

SMSF Association commends ASIC auditor action

ASIC SMSF auditor action

The SMSF Association has applauded ASIC’s tough stance on auditors who failed to meet their professional standards.

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