News : Auditing

Auditing, Investments, SMSF

Private company valuations unique

Unlisted assets Private companies Valuations SMSF Market value Audit evidence

Different techniques are required to overcome the difficulties of establishing the value of an investment by an SMSF in a private company.

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Auditing, Compliance, Regulation

Auditing standards impact valuations

Sufficient and appropriate evidence Asset valuations SMSF auditors Auditing standards

Professional standards play a significant role for SMSF auditors when assessing whether an asset valuation is sufficient and appropriate.

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ATO, Auditing, Compliance, Investments

ATO flags concerns over asset values

Asset valuation SMSF ATO Auditors Asset classes

The ATO has put SMSFs that have reported unchanged asset valuations over a number of years on notice, stating it is watching compliance with valuation requirements this year.

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ASIC, Auditing, Practice Management

New service for SMSF auditors

SMSF auditors Professional review Auditors Institute

Members of The Auditors Institute will soon have a new service made available to them should they want a professional review of their practices.

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ASIC, Auditing, Compliance

ASIC sanctions 15 auditors

ASIC SMSF auditors APES 110 Code of Ethics for Professional Accountants Independence standards

ASIC has taken enforcement measures against 15 SMSF auditors for breaches of the independence standards, with 13 practitioners having conditions imposed on their registrations.

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Appointments, Auditing

ASF Audits bolsters executive team

ASF Audits Andrew Culley Casey McGrath Richard Smith managing director

An Adelaide-based audit firm has appointed a former Deloitte managing partner and an ex-principal of specialist SMSF auditing business Nest Super to its executive team.

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Auditing, Compliance, Regulation, SMSF

Review loans to avoid audit issues

SMSF auditors Loans Litigation SIS regulations Audit file

SMSF auditors must be prepared to substantiate their audit file with sufficient evidence in situations where an SMSF has invested in a loan.

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Auditing, Legislation, SMSF

SMSF loans and debts not the same

SMSF Loan Debt Borrowing audit The Auditors Institute Chris Ketsakidis Ketsa Coleman

There is a difference between a loan and a debt within an SMSF and different rules apply to them, requiring good documentation at the time of audit.

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ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

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Auditing

Valuation expectations may rise

Valuations SMSF auditors Division 296 tax

In preparation for the Division 296 tax, SMSF auditors should be requesting sworn valuations for property assets held within a fund.

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