News : Auditing

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.

read more
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.

read more
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.

read more
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.

read more
Auditing, Contributions

Contribution mistakes more likely

SMSF auditors non-concessional contributions work test

Changing the non-concessional contribution regime to operate on an age-based criteria means more mistakes are probable and auditors will be less likely to be able to help rectify them.

read more
Auditing, Compliance, Tax

Avoid flawed valuations to cut tax

Superannuation earnings tax Asset valuations Market value $3m soft cap tax SIS Regulation 8.02B

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

read more
Auditing, Compliance

Audit shopping checks still required

Auditor shopping compliance record engagement letter

Auditors must check the compliance record of any potential clients with professionals the trustee has previously engaged prior to servicing them.

read more
Auditing, NALI/NALE

Dig deep for NALI compliance

SMSF auditors NALI NALE compliance

The activities of all participants in an SMSF property development scheme should undergo scrutiny for compliance with NALI/E provisions, rather than just the SMSF itself.

read more
Accounting, Administration, Auditing, SMSF

Better auditor contact beneficial

SMSF auditors Audit preparation Accurium Mark Ellem

Stronger and more frequent communication lines between accountants and advisers and their SMSF auditors will make fund audits more efficient.

read more
Auditing, Compliance

Question trustee sole purpose compliance

SMSF auditor trustee representation sole purpose test compliance

SMSF auditors can look past trustee representation letters to ensure a fund meets the sole purpose test with benefits and expenses a useful indicator of compliance.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.