Practitioners must carefully consider the future of their SMSF audit proposition in light of the proposed triennial audit cycle and the continuing developments in audit platforms and technology, according to a professional services consultancy.

The federal government should strongly consider requiring SMSFs using a three-year audit cycle to have a “light-touch” compliance check in the non-audit years should it choose to proceed with its audit proposal, an industry body has argued.

BDO Australia’s superannuation partners have written to new federal Treasurer Josh Frydenberg and Assistant Minister for Treasury and Finance Zed Seselja to direct their attention to the significant unintended consequences of the introduction of a three-yearly audit cycle for SMSFs.

SMSF administrator and software provider SuperConcepts has strongly warned against leaving trustees at risk of mistakes and potential fines under the proposed three-year audit regime.