The recent Parliamentary Joint Committee Inquiry into Audit Quality made two significant proposals, which have the capacity to bridge the expectation gap by tackling stakeholders’ greatest concerns: fraud and unexpected corporate collapse. The first proposal is the...
Financial Services
Financial advice including wealth creation, insurance and lending services
Diversifying Accountancy Services – Why?
Diversifying Accountancy Services – Why? The survey undertaken by Accounting Market Pulse in May 2021 indicated that only 5% of the accounting firms that were surveyed reported that they “will not be diversifying services in the next few years”. This is exciting news...
Can’t get to the office? Three tips to help your team manage ATO correspondence remotely
We’ve had to get used to working remotely, often at very short notice, and while no doubt your practice has been able to adapt to the changing work environment over the past year, what hasn’t changed is the myriad of channels you and your clients receive important ATO...
The State of Tax Audits in Australia – Post Pandemic
On Wednesday, 4 August 2021, AuditCover hosted The State of Tax Audits in Australia [Part 1] to explore the ATO’s renewed focus on debt recovery and its vast data reach and capabilities. The event covered; ATO’s Data ingestion capacity and what it means for...
Is it time to have “special projects leave”?
As an accounting firm coach, consultant and mentor I am privy to many shareholder agreements. Some incorporate a form of long service or sabbatical leave for owners on some sort of a cycle. Good idea. I’ve recently had a client try the idea of what they ended up...
Revisiting independence with audits – Have accounting firms really addressed the problem?
On 1st July 2021, the ATO launched new SMSF Audit independence standards that included in-depth clarification on the complexities surrounding the provision of audit services alongside non-assurance services. In the new standards, ATO guidance confirms that even where...
Predicted ATO audit activity trends for 2021 & 2022
Be on the front foot with our ATO audit activity trend predictions and how to reduce the impact when they come in. Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit...
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