It is important for SMSF auditors to take note of a recent ATO taxpayer alert when performing their annual scrutiny of funds, writes Neil Ashton.

The ATO will continue its focus on SMSF auditors and will closely monitor those who operate under three key areas of concern, according to a superannuation specialist.

ASIC’s “Overview of licensing and professional registration applications: July to December 2015” shows the number of approved SMSF auditors for the period just about matched the number of SMSF auditors who had their registrations cancelled.

The advent of blockchain technology will have a significant impact on the way SMSF audits are processed in the future as auditors will be assessing these transactions instead of documents.

Recent case law should serve as a reminder to auditors to review their processes when it comes to SMSFs, writes Belinda Aisbett.