News : Auditing

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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Auditing, financial advice, Residential Property

No special action for related-party leases

SMSF residential property related party lease rental agreement

Rental arrangements for SMSF properties involving related parties need not be managed any differently to commercial lease agreements.

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Auditing, Property

Valuation guidelines misunderstood

SMSF property comparable valuations auditor

Certain ATO valuation guidelines for SMSF properties are not properly understood by trustees, subsequently resulting in significant angst.

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AAT, ASIC, Auditing

Auditor disqualification upheld

SMSF auditor Disqualification ASIC Independence standards

An SMSF auditor has failed to have her disqualification for breaching independence standards overturned by the AAT.

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Auditing

Audit threshold test too low

SMSF audit financial threshold test

The financial threshold test applied during an SMSF audit is too low and should be increased or removed to reflect the change in balances of funds.

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Auditing, Compliance, Insurance

Auditor PI should cover review action

SMSF auditors professional indemnity PI insurance ATO review Bryce Figot DBA Lawyers

SMSF auditors should check their PI insurance will fund a defence against an ATO review, as well as being sued by clients.

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