The ATO is continuing its program to weed out the mis-use of SMSF Auditor Numbers (SAN) where tax agents are in effect masquerading as auditors.
The ATO mailed the 2018 annual...
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Why your Auditor can’t be in your pocket!
ATO clarification on Reciprocal Arrangements
Can SMSF Auditors continue reciprocal arrangements under the new Independence Code?
The view of both the ATO and ASIC is that threats to independence arising from reciprocal arrangements are so...
The Client Perspective on the new Code of Ethics: It’s all about communication
The new APES 110 Code of Ethics for Professional Accountants has many ramifications for SMSF trustees… and Accountants have an obligation to notify clients of changes that may affect their audits.
Under the...
“Routine and mechanical” is not a loophole
The new Independence Guide clarifies that an auditor cannot audit an SMSF if they prepared the financial statements for the SMSF unless it is a “routine or mechanical service”, however the...
Audit Independence and Reciprocal Arrangements
Reciprocal auditing arrangements where SMSF firms enter into audit arrangements for one another risk breaching new independence requirements, the ATO has clarified.
The restructured Independence Guide in the APES 110 Code...
Trustee responsibility, professional judgement and the new rules for SMSF audit
A new Independence Guide for SMSF auditing has become mandatory for audits in Australia. The Guide incorporates changes to the restructured APES 110 Code of Ethics for Professional Accountants...
Clarity on Chinese Walls & Audit Independence
No ambiguity – Chinese walls are out!
The recently released APES 110 Code of Ethics for Professional Accountants including Independence Standards makes it clear that Chinese walls do not...
Grow your SMSF practice
Accountants are bullish about the SMSF sector according to the recently released “2020 SMSF Accountant Report”, with surveyed accountants reporting an opportunity to grow their SMSF client-bases by 35%, increasing from an...
Take the Industry Survey: Adapting to a Covid-19 Environment
Accounting and SMSF Firms are facing many challenges in adapting to a COVID-19 environment.
On the one hand, there is the requirement to quickly adapt to managing teams working from...
Catfishing Exposed – SMSF auditor number fraud
Further SAN mis-use reported to TPB
A further 90 tax practitioners have either deliberately or mistakenly mis-used an SMSF auditor number, with the ATO detecting over a thousand instances of...
Rent relief during Covid 19 crisis
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