News : Auditing

ATO, Auditing, Compliance, SMSF

ATO auditor notices spark confusion

SMSF Self-managed superannuation SMSF auditors ATO Unchanged asset valuations

SMSF auditors are confused by the ATO’s compliance program targeting funds with unchanged asset valuations due to unclear guidance on which funds are at risk.

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Auditing, Investments

Avoid cutting corners with strategies

SMSF self-managed superannuation investment strategy back-dated template Vincents Mailene Wheeler

SMSF trustees should go by the book when creating investment strategies, avoiding backdated or template documents.

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ATO, Auditing, SMSF

ATO updates SMSF auditor’s report

ATO SMSF independent auditors report ASQM1 ASQC1 SMSF auditors

The SMSF independent auditor’s report has been updated, reflecting changes to audit standards that came into effect in late 2022.

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Auditing, Compliance, SMSF

Investment decision evidence required

SMSF Investment strategy Documentation Supporting evidence

An SMSF investment strategy must be documented along with the decisions the fund’s trustees have made in order to adhere to it.

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Auditing, Compliance, Property

More property data now required

Residential property SMSF Audit SMSF audit Title search

Conventional practices regarding information about an SMSF residential property for the annual audit may no longer be considered sufficient.

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Auditing, Compliance, In-house assets

ASIC check crucial for IHA compliance

ASIC register in-house assets Related party Auditor SMSF

To avoid running into in-house asset issues, auditors should review company details held on the ASIC register to determine if an SMSF is dealing with a related party when conducting a transaction.

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Accounting, Auditing

Static asset values should be questioned

SMSF accountant SMSF auditor Asset valuation Market valuation DBA Lawyers Bryce Figot ATO

Asset values that are unchanged from year to year should not be accepted and auditors and accountants need to request evidence for the lack of movement.

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Auditing, Compliance, Investments

Don’t judge investment strategy

Investment strategy Auditors Judgement

An SMSF auditor’s role is to observe the compliance characteristics of an investment strategy and not assess its appropriateness for the fund members.

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Auditing

Member phase an audit factor

SMSF auditors pension phase accumulation phase asset valuations

Auditors need to consider the differing consequences asset valuations can have on members in accumulation phase versus those in pension phase.

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ATO, Auditing

Valuations more important than ever

Property Valuation Auditors Market value Unrealised capital gains ATO Shares Loans

Asset valuations have taken on even greater importance for the end of this income year given the ATO’s current compliance focus.

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