News : Auditing

Auditing, Compliance

Super Clarity provides new auditor guide

Super Clarity has published an information sheet to assist auditors with their approach to compliance with SIS Act sections 109 and 62.

Super Clarity has published an information sheet to assist auditors with their approach to compliance with SIS Act sections 109 and 62.

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ASIC, ATO, Auditing, SMSF, SMSFA

Sector criticism groundless

Recent claims from certain industry quarters that SMSFs are not properly governed have been refuted by the sector’s peak representative body.

Recent claims from certain industry quarters that SMSFs are not properly governed have been refuted by the sector’s peak representative body.

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ATO, Auditing, Compliance

Auditors reminded to check trustee status

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

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ATO, Auditing, Compliance

ATO monitoring auditor workload

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

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Auditing, Compliance, Property

Rent a related-party lease failure flag

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

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Auditing

Act2 attains peak data security standard

Act2 Solutions has become the first Australian actuarial firm to achieve the highest globally recognised data security certification.

Act2 Solutions has become the first Australian actuarial firm to achieve the highest globally recognised data security certification.

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Auditing, Technology

Getting AI use in SMSF audits right

The increasing incorporation of artificial intelligence in SMSF audit processes requires stronger guidelines to ensure sector integrity.

The increasing incorporation of artificial intelligence in SMSF audit processes requires stronger guidelines to ensure sector integrity.

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Auditing, Documentation

Revised auditor onus for declarations

Auditors now have new record-keeping obligations regarding the SMSF trustee declaration, with compliance in that area a current focus of the ATO.

Auditors now have new record-keeping obligations regarding the SMSF trustee declaration, with compliance in that area a current focus of the ATO.

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Auditing, Division 296, Superannuation, Tax

No extra auditor duties under Div 296

Auditors will not be required to take on extra responsibilities once the Division 296 tax commences.

Auditors will not be required to take on extra responsibilities once the Division 296 tax commences.

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Auditing, Valuations

Relevant timeframe key for valuations

A year-end property valuation must be made within reasonable proximity to 30 June for it to be considered acceptable audit evidence.

A year-end property valuation must be made within reasonable proximity to 30 June for it to be considered acceptable audit evidence.

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