News : Auditing

Auditing, Property

Annual valuation requirement clear

SMSF annual audit auditor property asset valuation

Regulations outlining the requirement for the annual valuation of an asset are clear cut and should not lead to confusion around what auditors are required to do.

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ATO, Auditing, Compliance

Auditor independence still targeted

SMSF auditors independence ATO

The ATO has identified a number of auditors who are still failing to meet independence requirements and will engage in targeted reviews and compliance action.

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ATO, Auditing

Asset charge warning not new

ATO SMSF auditor asset charge

The obligation for auditors to check for charges on SMSF assets has existed since 2019 and the ATO’s position on the requirement has not changed.

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Auditing, Compliance, Platforms, SMSFA

Data vigilance crucial for auditors

Auditing platforms SMSF audits ASF Shelley Banton

SMSF auditors must exercise due diligence in evaluating both the software and data stored within automated auditing platforms to ensure compliance with their professional obligations.

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ATO, Auditing, Compliance

No SAN mail-out as behaviour shifts

SMSF SAN misuse mailout ATO

A decrease in intentional misuse of SMSF auditor numbers has prompted the ATO to park its annual mail-out in favour of targeted compliance action with tax agents.

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Auditing, Compliance, SMSF

Auditor independence issues persist

Auditor independence

The ATO is continuing to identify cases where auditors are breaching the independence standards outlined in APES 110 and failing to meet their regulatory obligations.

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ATO, Auditing, SMSF

No audit impact despite decline

SMSF auditors population completed audits

The number of completed audits has remained steady despite a reduction in the number of SMSF auditors as those leaving have been shown to have done minimal work in this area.

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Auditing, Investments, SMSF, SMSFA, Strategy

Simplify strategies for audit success

SMSF investment strategy audit

SMSF investment strategies that are concise, focused and in compliance with the SIS Regulations are likely to have a better chance of passing the yearly audit of the fund.

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ATO, Auditing

Valuation guidance clashes with law

SMSF audit asset valuation guidance

Valuation guidelines issued by the ATO contradict superannuation regulations, creating difficulties for auditors in maintaining their legal and professional standards.

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ATO, Auditing, Compliance, SMSF

Clean audit file key in case of review

SMSF auditors audit file ATO review

In anticipation of a potential ATO review, SMSF auditors have been advised to maintain essential documents and ensure their audit files are free from irrelevant information.

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