SMSF Auditors

ATO warns SMSF auditors on reciprocal audit arrangements

The ATO has warned SMSF auditors that, in its view, no safeguards can reduce the threats to auditor independence from reciprocal auditing arrangements.

The ATO says that “blatant independence breaches”, including an auditor auditing their own SMSF, has attracted the attention of the tax office in the past. But the ATO’s focus has broadened to include “other less obvious independence risks”.

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Proposed higher ASIC SMSF auditor fees “seriously excessive”: CAANZ

The proposed increases to ASIC’s fees for SMSF auditors are “seriously excessive”, says Chartered Accountants Australia and New Zealand (CAANZ). Late in 2017 Treasury consulted on the introduction of a fee-for-service model for ASIC. Part of this includes substantial increases to the fees for SMSF auditors, increases which CAANZ calls… Read More »Proposed higher ASIC SMSF auditor fees “seriously excessive”: CAANZ

ASIC “simplifies and improves” SMSF auditor registration process

ASIC has made changes which it says “simplifies and improves” the registration process for prospective SMSF auditors. ASIC has released template documents “to enable applicants to provide the required level of detail about their experience”. These documents include a Statement from applicant, Audit hours logbook and Statement from supervisor. “The changes will make… Read More »ASIC “simplifies and improves” SMSF auditor registration process