News : Auditing

ATO, Auditing

Reciprocal auditing may attract ASIC action

Reciprocal auditing ASIC action

The ATO has identified reciprocal auditing arrangements as a risk to auditor independence and recommended auditors stop the practice to avoid greater scrutiny or regulatory action.

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Auditing

SMSF Association commends ASIC auditor action

ASIC SMSF auditor action

The SMSF Association has applauded ASIC’s tough stance on auditors who failed to meet their professional standards.

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ASIC, Auditing

ASIC disqualifies auditors in crackdown

ASIC disqualifies auditors

ASIC has moved against 17 SMSF auditors, disqualifying some and placing additional conditions on others following concerns they were not meeting professional obligations.

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Auditing

ATO to identify auditors who report contraventions

auditor contravention reporting

New laws to protect whistleblowers will actually identify auditors who flag problems with an SMSF to the trustees of the fund, the ATO has warned.

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ATO, Auditing

ATO releases guidance on Part A audit change

The ATO has highlighted the inclusion of Part A audit qualifications as part of its guidance on changes to the 2019 SMSF annual return.

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ATO, Auditing, Tax

SMSF returns to require new audit information

SMSF; annual return; audit

SMSFs will need to pay attention to changes in the 2019 SMSF annual return that require mandatory audit report information to be included for the first time.

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Auditing, Investments

Unlisted assets attract greater audit scrutiny

Unlisted assets in an SMSF are more likely to lead to a qualified audit following growing concerns around their valuations.

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ATO, Auditing

ATO points to audit expectations when winding-up SMSFs

The ATO has outlined auditing requirements for winding up SMSFs ahead of the end of the financial year.

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ATO, Auditing

ATO reminds auditors of contravention reporting duty

The ATO has reminded SMSF auditors of their obligations to report any contraventions they find when finalising fund audits, and the fines for not doing so.

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ATO, Auditing

ATO outlines auditor checklist to cut re-reporting

The ATO has provided a checklist for auditors to reduce the level of re-reporting linked with transfer balance caps.

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