News : Auditing

Auditing

Trustee status information lacking

smsf trustee status

SMSF auditors are having to rely on trustees self-declaring they are not disqualified as official registers have not been updated in months.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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ATO, Auditing, Compliance, Superannuation

Accurate notices of intent vital

Notices of intent

Notices of intent in relation to personal contributions will not be covered by the audit process this year putting greater onus on SMSF members to ensure they are accurate.

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Auditing, SMSF

Courts extending audit duties

SMSF auditors duties

Legal rulings are forcing SMSF auditors to cover off issues not included in their legislative, regulatory and professional obligations.

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Administration, Auditing, Investments, SMSF, Strategy

Brief investment strategy optimal

SMSF investment strategy

Overly detailed SMSF investment strategies written over multiple pages will not improve their chances of being compliant with the law.

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Auditing, Investments, SMSF, Strategy

Poor investment strategies qualified

Investment strategy

The employment of a generic SMSF investment strategy has provided sufficient grounds for a qualified audit report for a prominent practitioner.

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Auditing, SMSF, Superannuation, Tax

Alternative soft cap method mooted

Net taxable investment earnings

The SMSF Auditors Association of Australia has suggested a different calculation process be used for the proposed tax on super balances over $3 million.

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ASIC, Auditing, SMSF

More SMSF auditors sanctioned

SMSF auditors

ASIC has taken enforcement action against 11 registered SMSF auditors, including the disqualification of seven practitioners.

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Auditing, Education, SMSF

Auditors failing key requirements

SMSF auditors

Many SMSF auditors are being issued with ATO education directions for failing one of the most fundamental tasks required of them.

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ATO, Auditing

Poor valuation evidence a concern

SMSF valuation evidence

The ATO is alarmed by the number of situations where SMSF auditors are not substantiating asset valuations with proper supporting evidence.

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