News : Auditing

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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Auditing, Documentation

Lack of details creating related-party concerns

SMSFs need to provide as many details as possible on related-party transactions to avoid problems during a fund audit.

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Administration, Auditing

Audit caution more likely with unlisted assets

Recent court cases are likely to temper how auditors view unlisted assets inside an SMSF portfolio.

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ASIC, Auditing

ASIC sanctions several SMSF auditors

ASIC has handed penalties to several SMSF auditors for failing to meet their professional requirements.

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