News : Auditing

Lower-cost audits fraught with risks

February 8, 2024

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

February 7, 2024

Todd Wills

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

January 29, 2024

Darin Tyson-Chan

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.

Many ways to fix in-house assets

SMSF In-house assets 5 per cent limit Rectify

January 18, 2024

Darin Tyson-Chan

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

January 16, 2024

Todd Wills

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

December 21, 2023

Jason Spits

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

December 20, 2023

Todd Wills

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

December 13, 2023

Todd Wills

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.