News : Auditing

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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Auditing, Trusts

Assert right to unit trust information

SMSF Unit trust investment Audit Beneficiary DBA Lawyers Bryce Figot

SMSFs invested in a unit trust have a right to information about the fund and should assert that right with its trustee who has an obligation to respond.

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Auditing, Compliance, Property

Fraud risk with short-term rentals

Airbnb Audit Short-term rental Fraud SMSF Lease agreement Part A qualification Fraud risk statement

SMSFs holding property to be rented out on platforms such as Airbnb pose a particular type of compliance risk auditors must note.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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Administration, ATO, Auditing

Diversification needs audit focus

Diversification Investment strategy Auditors ATO Auditor contravention report

The ATO has specifically expressed what it expects from auditors with regard to reviewing the diversification of an SMSF investment strategy.

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Auditing, Investments, SMSF

Private company valuations unique

Unlisted assets Private companies Valuations SMSF Market value Audit evidence

Different techniques are required to overcome the difficulties of establishing the value of an investment by an SMSF in a private company.

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Auditing, Compliance, Regulation

Auditing standards impact valuations

Sufficient and appropriate evidence Asset valuations SMSF auditors Auditing standards

Professional standards play a significant role for SMSF auditors when assessing whether an asset valuation is sufficient and appropriate.

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