News : Auditing

Administration, Auditing, Regulation

Time runs out on three-year audit reform

SuperConcepts has suggested the government has run out of time to pass the controversial three-year audit cycle reform.

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ATO, Auditing

ATO stresses asset valuation importance

The ATO has published an article reinforcing the need for auditors to verify asset values in the financial statements of an SMSF.

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Accounting, Auditing

Termination doesn’t end auditors’ statutory obligations

SMSF clients can terminate an auditor’s engagement if they feel the auditor is excessively inquisitive, but section 129 of the Superannuation Industry (Supervision) Act, governing the obligations of actuaries and auditors with regard to fund compliance, can still apply, according to a specialist law firm.

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Accounting, Auditing, LRBA, Regulation

Triennial audit cycle unlikely to proceed

The likelihood of legislation for the three-year audit cycle for some SMSFs passing through Parliament under the current federal government is low given the likelihood the next election will be held in May 2019, according to an SMSF expert.

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ATO, Auditing

Reciprocal auditing arrangements in the gun

The ATO has declared its intention to focus its compliance activities on the practice among SMSF auditors of using reciprocal arrangements that represent breaches of independence.

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ASIC, Auditing

Advisers must protect themselves from legal action

An SMSF business consultant has warned the findings contained in a recent Australian Securities and Investments Commission (ASIC) report about the sector’s financial advice provision indicate practitioners need to ensure they are properly protected against legal action from trustees in the event of an adverse outcome.

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Auditing

Auditor duties potentially redefined

A recent case heard in the New South Wales Supreme Court has potentially redefined the role of the auditor and caused increased angst and potentially some confusion within the SMSF sector. In Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502 the auditor of an SMSF was held accountable for certain failings of the […]

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ASIC, ATO, Auditing

SMSF auditors practice statement updated

The ATO’s Practice Statement Law Administration (PA LA) in relation to determining whether matters concerning approved SMSF auditors should be referred to the Australian Securities and Investments Commission (ASIC) must be carefully read by super trustees and advisers.

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ATO, Auditing, Regulation

New audit cycle aimed at “basic” SMSFs

Assistant Treasurer Stuart Robert has revealed the exact type of SMSF on which the proposed three-year audit cycle is founded.

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Accounting, Auditing, Financial Planning

Joint efforts required for SMSF trustee errors

An audit expert has said in order to tackle and reduce SMSF trustee mistakes, accountants and financial advisers must work together when seeing clients.

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