by Shelley Banton | Jan 19, 2020 | SMSF Audit
Before it became an ATO reporting requirement in the 2019 annual return, Part A qualifications were primarily ignored within the SMSF industry. Discussions centred mostly around compliance contraventions and whether an Auditor Contravention Report (ACR) was to be...
by Shelley Banton | Jul 29, 2019 | Audit Standards, SMSF Audit, SMSF Auditors
SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame. But not everything is as simple as it seems because it’s the auditing standards and SIS...
by Shelley Banton | Mar 24, 2019 | Audit Independence, SMSF Audit, SMSF Audit Independence
ASIC recently announced that seven (7) SMSF auditors with independence issues were either deregistered or had a condition placed on their registration. It’s beyond belief that SMSF auditors continue to be pinged by the Regulator for auditing their own, or a...
by Shelley Banton | Sep 9, 2018 | SMSF Audit
We’ve heard many reasons why the three-yearly audit cycle won’t reduce red tape or SMSF audit fees, and how it will increase the burden on SMSF trustees resulting in more auditor contravention reports (ACRs). But the SMSF industry has ignored one critical reason as to...
by Shelley Banton | Aug 28, 2018 | SMSF Audit, Technology
There is a perception in the SMSF industry that once a data feed is in place, there is nothing left for an auditor to do. While technology has provided enormous benefits through the automation of repetitive SMSF audit tasks, an SMSF auditor is still required to meet...
by Shelley Banton | May 9, 2018 | ATO, Budget, SMSF Audit, SMSF Auditors, SMSF Compliance
As announced in the 2018 Budget, the Government has proposed a change to the annual audit requirement for SMSFs to a three-yearly cycle where an SMSF has a history of good record-keeping and compliance. The proposal is effective from 1 July 2019, however, there have...
