SMSF Auditors

SMSF reciprocal auditing arrangements an “area of concern” for ATO

The ATO has again warned SMSF auditors about the threats to independence from, and potential consequences of, reciprocal auditing arrangements. The ATO says that reciprocal auditing arrangements – where two SMSF auditors agree to audit each other’s funds – are an “area of concern” and a “threat to independence”. “The… Read More »SMSF reciprocal auditing arrangements an “area of concern” for ATO

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