News : Auditing

Auditing, Documentation

Lack of details creating related-party concerns

SMSFs need to provide as many details as possible on related-party transactions to avoid problems during a fund audit.

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Administration, Auditing

Audit caution more likely with unlisted assets

Recent court cases are likely to temper how auditors view unlisted assets inside an SMSF portfolio.

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ASIC, Auditing

ASIC sanctions several SMSF auditors

ASIC has handed penalties to several SMSF auditors for failing to meet their professional requirements.

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ATO, Auditing

ATO letters flag auditor number misuse

Auditors have received letters from the ATO with a list of SMSFs to verify the correct use of auditor numbers.

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Accounting, ATO, Auditing

ATO to release banned SMSF trustee register

SMSF; review; industry fund

The names of banned SMSF trustees will be made more accessible to advisers and the public via a new register from the ATO.

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Administration, Auditing, Regulation

Time runs out on three-year audit reform

SuperConcepts has suggested the government has run out of time to pass the controversial three-year audit cycle reform.

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ATO, Auditing

ATO stresses asset valuation importance

The ATO has published an article reinforcing the need for auditors to verify asset values in the financial statements of an SMSF.

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Accounting, Auditing

Termination doesn’t end auditors’ statutory obligations

SMSF clients can terminate an auditor’s engagement if they feel the auditor is excessively inquisitive, but section 129 of the Superannuation Industry (Supervision) Act, governing the obligations of actuaries and auditors with regard to fund compliance, can still apply, according to a specialist law firm.

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Accounting, Auditing, LRBA, Regulation

Triennial audit cycle unlikely to proceed

The likelihood of legislation for the three-year audit cycle for some SMSFs passing through Parliament under the current federal government is low given the likelihood the next election will be held in May 2019, according to an SMSF expert.

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ATO, Auditing

Reciprocal auditing arrangements in the gun

The ATO has declared its intention to focus its compliance activities on the practice among SMSF auditors of using reciprocal arrangements that represent breaches of independence.

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