News : Auditing

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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ASIC, Auditing

ASIC disqualifies Victorian SMSF auditor

The Australian Securities and Investments Commission (ASIC) has disqualified Oscar Altavilla, of Victoria, from being an approved auditor of SMSFs for breaching independence and auditing standards, and otherwise not being a fit and proper person.

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ASIC, Auditing

ASIC disqualifies two SMSF auditors

The Australian Securities and Investments Commission (ASIC) has disqualified two Queensland SMSF auditors for breaching independence requirements.

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ASIC, Auditing

ASIC reports on SMSF auditor enforcements

The Australian Securities and Investments Commission (ASIC) has deregistered, suspended or imposed conditions on 101 SMSF auditors for audit quality and independence issues or on “fit and proper person” criteria since the auditor register began in 2013.

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Auditing

Triennial audit risks industry contraction

The SMSF audit industry could witness increased contraction and consolidation should the triennial audit cycle policy proposal be legislated, an auditor has warned.

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Administration, ATO, Auditing

ATO will do best to administer audit policy

The tax office has said it will administer the proposed three-year audits for qualifying SMSFs as well as it can, but has revealed it has received mixed views on the measure.

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