News : Auditing

Auditing, Compliance, SMSF

SIS Reg 13.14 approach changed

Charge over assets Trustee representation letter SIS regulation 13.14 SMSF auditors DBA Lawyers Bryce Figot

The ATO has significantly adjusted its attitude toward the evidence auditors should obtain in determining whether a charge is held over an SMSF asset.

read more
Auditing, SMSF

Qualified audit isn’t non-compliance

ATO Audit Valuation Qualification

SMSF trustees may overestimate the consequences of a compliance breach related to asset valuations, but they are still required to make efforts to obtain sufficient evidence.

read more
ATO, Auditing

ATO auditor data revelations

SMSF Self-managed superannuation SMSF auditor ASIC ATO referrals DBA Lawyers Bryce Figot audit evidence market valuations

ATO SMSF auditor guidance is a useful reference tool to mitigate compliance issues these practitioners may encounter when performing their duties.

read more
Auditing, Compliance

ASIC auditor referrals remain steady

SMSF auditors ATO ASIC Referrals independence standards APES 110 Code of Ethics for Professional Accountants

The ATO has continued to refer auditors to ASIC at a steady pace, with key reasons in the last year related to breaches of independence obligations.

read more
Auditing, Insurance

Auditor PI cover familiarity needed

Professional indemnity insurance PI insurance SMSF auditor DBA Lawyers Bryce Figot

SMSF auditors should check their PI insurance policy to determine if it will cover costs arising from a regulator’s review.

read more
Auditing

Non-fund asset ownership complex

SMSF auditors SMSF trustees Asset ownership corporate trustee SIS Regulations ASF Audits Shelley Banton

Trustees opting to hold an asset for their SMSF will find the only allowable way to do so is to adopt a corporate structure and anything else will breach superannuation regulations.

read more
Auditing, Compliance, SMSF

Routine work an audit independence risk

Auditor independence standards In-house audit APES 110 SMSF auditors

It remains highly unlikely in-house SMSF audits conducted by a firm that also provides routine non-audit services will not be a breach of auditor independence standards.

read more
Auditing, Contributions

Contributions not an audit matter

SMSF auditors The Actuaries Institute Graeme Colley Contributions caps

Contributions are no longer a consideration for auditors, who have been reminded their treatment no longer resides under super law.

read more
Auditing, SMSF

Document long-standing audit relationships

SMSF auditors Independence Self-managed superannuation The Auditors Institute Steven Russo

Long-standing SMSF audit arrangements should be routinely examined to ensure they do not hamper a practitioner’s independence and documented to prove their suitability.

read more
Auditing, Property, SMSF

Why a written lease agreement is essential

SMSF Auditor Written lease agreement property Self-managed superannuation Related parties ATO Reliance Auditing Services Naz Randeria

A written lease agreement is a vital document for SMSFs holding a direct property, particularly in cases where the tenant is a related party.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.