News : Auditing

ASIC, Auditing

ASIC reports on SMSF auditor outcomes

The Australian Securities and Investments Commission (ASIC) has removed 76 SMSF auditors from its register since becoming a co-regulator of the SMSF sector in 2013, according to an ASIC report released today.

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Auditing, Regulation

Risks won’t vanish without auditor oversight

Using appropriate eligibility criteria to determine whether an SMSF qualifies to be audited every three years rather than annually will not mitigate the risks associated with the federal government’s proposal to relax the frequency of sector audits, according to an industry body.

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Auditing, Investments

Court case highlights auditor liability risk

The New South Wales Court of Appeal’s recent decision to overturn the decision of a trial judge and finding an SMSF auditor liable to pay damages for losses incurred by the SMSF illustrates the importance of auditors adhering to their obligations, a lawyer has warned.

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ASIC, Auditing, Compliance

ASIC report at odds with three-year audit cycle

The corporate regulator’s findings into SMSF advice, which revealed in 91 per cent of files reviewed advisers were non-compliant, cast further doubt over the validity of the federal government ‘s proposal for a three-year SMSF audit cycle, according to a financial services executive.

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Auditing, Regulation

Audit paper, consultation period welcomed

The SMSF Association is pleased with Treasury’s decision to address initial industry concerns and provide an eight-week feedback period for its discussion paper on the proposed three-yearly audit cycle for some SMSFs as the next steps for the policy are crucial.

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Auditing, Compliance, Regulation

Triennial audit feedback period begins

Treasury has released a discussion paper to commence industry consultation on its three-year audit-cycle policy for well-run SMSFs.

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Administration, Auditing

Treasury releases audit discussion paper

Treasury has this morning revealed further details on its three-year audit cycle measure for well-run SMSFs via a discussion paper released for industry consultation.

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Auditing

SMSF contravention record on the line

The Institute of Public Accountants (IPA) has warned the federal government it is putting the SMSF sector at risk of increasing contraventions with its proposal to change the annual audit requirement to a three-yearly cycle.

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Auditing

New audit cycle could lift illegal early access

Exclamation marks as warning signs against over-reporting information to ATO

The current oversight around preservation age and conditions of release made by SMSF trustees will only worsen with the introduction of triennial audits for cleanskin funds, an industry auditor has warned.

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Auditing

SISFA establishes new auditor membership

The Self-managed Independent Superannuation Funds Association (SISFA) has responded to the federal budget proposal for three-year SMSF audits by creating an entirely new class of membership to represent the interests of specialist SMSF auditors.

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