The regulator announced it has made an important change to the SMSF independent auditor’s report specifically to the reference to Auditing Standard ASQC 1, which has been removed from Part B of the report and replaced with reference to Auditing Standard ASQM 1.
None of the sections or regulations in Appendix 1 of the report requiring compliance assurance have been changed.
The Self-managed super fund independent auditor’s report (IAR) can be downloaded and it is to be used for reporting periods starting on or after 1 July 2024.
The ATO added that when using this report for earlier reporting periods, trustees should make sure they comply with the auditing standards and legislation that applied to the earlier period.
It said when lodging the report all SMSF trustees must be given a signed copy within 28 days after the trustee has provided all documents relevant in preparing the report.
A copy should also be retained by the person who completed the form. The ATO warned trustees not to send a copy of the report.
To find out more information on lodging your IAR, go to Self-managed super fund independent auditor’s report where the updated form can also be downloaded.
