In an update published on Wednesday, the ATO noted that the 2020 period had been added to the July release of its audit tool, so that auditors and actuaries could lodge contravention reports for funds that were audited earlier than usual.
In addition, the new release of the tool contained updated reference material and minor systems changes as well as incorporated new whistleblower legislative requirements commencing 1 July 2019.
When using the tool, the ATO noted auditors would be able to identify and specify contraventions through a series of interview-style questions, as well as prepare, revise and lodge contravention reports and advise the office that a fund audit had been completed.
They could also refer to current legislation and case study guidance for correcting breaches, maintain historical notes around client audits and review the outcomes of a fund audit.
However, the ATO cautioned auditors that the electronic tool “doesn’t replace your work program; it complements and supports your decision-making process for the compliance audit”.
The office also released a user guide for auditors wanting to make use of the electronic tool for SMSF audits, containing instructions on how to set up auditor and fund details in the system and how to navigate the different screens, modes and menus.
The ATO also noted there was a training mode available for auditors to practise using the tool and learn about its features before commencing their fund audit.
Clearly a measure to soften the transition to 3year audit cycle.