News : Auditing

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.

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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.

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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.

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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.

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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.

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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.

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Auditing, Regulation, SMSF

Auditors must report trustee interference

SMSF SMSF auditor Self-managed superannuation Undue influence SIS Act Superannuation (Industry) Supervision (SIS) Act ATO Auditor contravention report ACR

SMSF auditors could face hefty fines or even prison time if they fail to notify the ATO when a trustee tries to sway the outcome of an audit of their fund.

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Auditing, Compliance, Property, SMSF

Overseas property carries audit risk

SMSF auditors should always signal to the ATO their concerns over funds invested in overseas property which cannot provide suitable ownership data each year.

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Auditing, Compliance, Documentation, Property, SMSF

Act now on property valuation data

Comparable sales data Property valuations Asset valuations SMSF Self-managed superannuation Auditor Tactical Super Deanne Firth

To comply with ATO guidelines and auditor requirements, SMSF practitioners should secure up-to-date sales data for property valuations as soon as possible.

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Auditing, Documentation, Regulation, SMSF

Auditors in court over poor records

SMSF auditors ATO ASIC Documentation Asset valuations

Auditors are increasingly ending up in court for not properly documenting their reasons for approving asset valuations in the funds they audit.

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