News : Auditing

Auditing, Technology

SuperMate adds ASF Audits integration

SuperMate SuperConcepts ASF Audits integration

SuperMate users will be able to send funds to audit with a new automated process via a new integration with ASF Audits.

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ASIC, ATO, Auditing, Compliance

ATO clear on audit compliance expectations

SMSF auditors ATO ASIC QC 45566 Compliance

The ATO is taking a strong approach to compliance by SMSF auditors and has provided clear guidance on what it expects them to do.

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Auditing, Compliance, SMSF

Lower-cost audits fraught with risks

Auditor independence standards SMSF auditors APES 110 Auditing services Low-cost

The increasing use of cheaper, outsourced SMSF auditing services may pose new risks in relation to upholding the independence standards for auditors in the sector.

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ASIC, Auditing, Compliance, SMSF

ASIC sanctions nine SMSF auditors

SMSF auditors ASIC Disqualification Compliance

ASIC has taken action to remove seven SMSF auditors from practice and imposed conditions on two more practitioners after referrals from the ATO.

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ATO, Auditing, Regulation

APES 110 angst for specific firms

APES 110 Auditor Independence Standards ATO SMSF Auditors

ATO reviews of SMSF auditors have recognised the specific type of practitioner likely to fall foul of the independence standards set out in APES 110.

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Auditing, Compliance, Investments, Regulation, Superannuation

Many ways to fix in-house assets

SMSF In-house assets 5 per cent limit Rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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ATO, Auditing

Asset charge check impractical

ATO Charge over assets Derivatives SMSF Auditors

Recent ATO guidance regarding checking charges for property assets held by an SMSF may be impractical for auditors and the regulator has missed an opportunity to clarify an emerging compliance risk.

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Auditing

Average audit cost too low

Auditing costs SMSF auditors ATO

The average cost of an SMSF audit appears to be too low and not representative of the value an approved auditor brings to the work.

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Auditing

Caddick case not just lesson for auditors

SMSF auditors Melissa Caddick ASF Audits

The Melissa Caddick case highlights the importance of SMSF practitioners thoroughly checking the documents they receive from existing and potential clients.

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Auditing, Compliance, SMSF

Beware of altered valuations

SMSF auditor asset valuation market value $3 million superannuation earnings tax

SMSF auditors should exercise some scepticism regarding asset valuations in 2024 as trustees may be attempting to escape the impacts of the $3 million soft cap tax.

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