News : Auditing

Auditing

Reduce audit scope, not frequency

SMSFs with a history of good record-keeping should be allowed to reduce the scope of their annual audit instead of moving to a three-year audit cycle, according to Pitcher Partners.

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Auditing

Auditors should stay with annual cycle

A specialist lawyer has suggested a statement contained in the discussion paper addressing the proposal allowing certain SMSFs to move to a three-yearly audit cycle gives practitioners the opportunity to continue to solely provide annual auditing services.

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ASIC, Auditing

ASIC disqualifies SMSF auditor

The corporate regulator has disqualified a Queensland SMSF auditor from being an approved auditor for breaching independence requirements.

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ASIC, Auditing

SMSF auditor struck off register

The Australian Securities and Investments Commission (ASIC) has banned a New South Wales-based practitioner from being an SMSF auditor after he was found to have breached the independence requirement by which he was bound.

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Auditing, Regulation

Three-year audit cycle risks auditor liability

The federal government’s proposal for a three-year SMSF audit cycle could increase the risk of auditor liability, with each error potentially being of greater magnitude, according to a lawyer.

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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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