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An update from the regulator on key independence issues
In this episode of the SMSF Adviser Show, hosts Miranda Brownlee and Aaron Dunn are joined by ATO director, SMSF auditor portfolio, Kellie Grant to provide an update of what queries the ATO has been receiving in relation to meeting the restructured APES 110 code and APESB Independence Guide.
Kellie shares the ATO’s views on what arrangements and behaviours are likely to attract the ATO’s attention once the transition period ends, and what firms need to be doing in order to meet the independence standards.
She also outlines some of the upcoming guidance that the ATO plans to release regarding auditor independence.
SMSF professionals who have questions for the ATO regarding independence can send their queries to
So auditor can lodge tax returns yet they have not undertaken the preparation of the financial statements - What about the supervisory requirements of the tax agent - were the TPB requirements not considered by Kellie in her response.0- I would suggest you check with the TPB as the Tax Agent is required to adequately supervise staff and the processes and of course review and take responsibility for the tax return. How can they then be auditor?? Broader discussion required here as in my opinion to simply send a client to an outsource mob and have no involvement then lodge the return even with a separate auditor to me does not meet TPB requirements.0
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