News : Auditing

Auditing

Six SMSF auditors penalised

SMSF auditors

ASIC has taken action to remove five SMSF auditors from practice and imposed conditions on another auditor following referrals from the ATO.

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Auditing

SMSF audit announcement welcomed

SMSF audit cycle

The elimination of any policy consideration to change the yearly SMSF audit cycle confirmed in the October federal budget has been welcomed.

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Auditing

Only specific documents needed for audit

SMSF audit documents

Auditors do not need to see every piece of documentation associated with SMSF strategies in order to conduct the yearly audit for a fund.

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ASIC, Auditing

Eight auditors fall foul of ASIC

ASIC SMSF auditors

ASIC has taken compliance action against a further eight SMSF auditors by deregistering five and imposing conditions on three between March and June this year.

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Auditing, Cryptocurrency

Crypto increases audit risk

cryptocurrencies SMSF auditors

The non-tangible nature of cryptocurrencies is creating risk areas for SMSF auditors concerned at the lack of physical assets and accurate records.

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Auditing, Residential Property

Trustees can help with valuation evidence

property valuation trustees

Trustees and their accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

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Auditing, Documentation

Detailed asset valuation evidence needed

Asset valuation evidence

The evidence used to justify the market valuation of an asset must be more detailed and provided to auditors under new guidance from the ATO.

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Auditing, Documentation

Trustees have SAN misuse duty

trustees san misuse

SMSF trustees have been reminded by the ATO it is their responsibility to ensure their fund has not fallen foul of tax agents misusing SMSF auditor numbers.

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Auditing

Audit rules to drive fund moves

SMSF auditor standards

New independence requirements for SMSF auditors will drive hundreds of thousands of funds to seek a new auditor as the ATO seeks greater separation of services.

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