News : Auditing

Auditing

Audit work concentrated in hands of few

SMSF auditors, audit fees, ATO statistics, statistical overview, self-managed super fund

A few hundred practitioners audit the lion’s share of SMSFs each year, but continue to charge relatively low fees for their work.

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ART, ASIC, ATO, Auditing, Regulation

Adviser and auditor banned

Financial Services and Credit Panel, FSCP, SMSF auditor, ASIC, Administrative Review Tribunal, ART, Glenn Paul Meilak, Terence Murphy

Two separate actions have led to an SMSF adviser and a qualified auditor being banned from practising for failing to maintain the standards expected of them.

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ATO, Auditing, SMSF

Auditor numbers looking healthier

SMSF auditors

The number of registered auditors in the SMSF industry has improved after several years of depletion that affected this cohort.

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Auditing, Technology

AI useful, but needs human touch

AI can be used productively by SMSF auditors, but they still need to oversee its output in the same way they would check the work of a human.

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Auditing, Business News

Baumgartner Super rebrands as Assurify

Baumgartner Super Assurify David Baumgartner David Burrows Sajee Madarasinghe Self-managed superannuation SMSF SMSF audit

Baumgartner Super has undergone a rebrand and will now trade as Assurify, with several new developments to follow in coming months.

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ATO, Auditing

ACR threshold under continued review

SMSF Self-managed superannuation ATO Paul Delahunty auditor contravention report ACR Threshold

The ATO has considered the appropriateness of the $30,000 test in relation to the lodgement of an ACR and will continue to do so in the future.

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ATO, Auditing, SMSF, Superannuation, Tax

Risk reduction for ATO auditor reviews

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

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Auditing

Trustee management letter use improper

Self-managed superannuation SMSF auditors trustee management letter market valuations ATO Paul Delahunty

The trustee management letter is not being used appropriately by a number of SMSF auditors, resulting in suboptimal consequences for them.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF, Self-managed super, auditor contravention report, ACR, Accurium, Anthony Cullen, Seamless SMSF, Frank La Spada, compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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Auditing, SMSF

Short-stay lodging docs obtainable

Accurium, Anthony Cullen, audit, lease, residential property, Frank La Spada, Seamless SMSF, Short-stay accommodation, self managed superannuation, self managed super, SMSF

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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