The APES Board is planning to revise the 20 per cent threshold for auditor referral fees outlined in APES 110, said the SMSF Association.
The Tax Office has outlined some of its focus areas for SMSF auditors at the moment and provided an update on auditor number misuse.
The corporate regulator has taken compliance action against 19 SMSF auditors this financial year, in addition to the 18 auditors involve
The ATO has made a number of enhancements to Online services for business to improve the process of lodging auditor contravention reports an
SMSFs have been reminded on the significant non-arm’s length income risks and substantial evidence requirements involved with SMSF propert
Is ASIC’s enforcement of independence standards regarding reciprocal SMSF Auditing arrangements a glimpse into future crack downs?
While the Australian Securities and Investments Commission’s (ASIC) latest crackdown on reciprocal audits did not extend to the more recen
The Ponzi scheme run by alleged scammer Melissa Caddick provides some important lessons for SMSF professionals on identifying fraud and expo
While SuperStream is working efficiently for most rollovers, there are still many scenarios where it is causing major headaches for SMSF pro
Stricter valuation requirements are prompting some difficult conversations for SMSF auditors, particularly where the SMSF holds commercial p
With additional requirements and delays in work being sent to auditors, one audit firm fears there will be a “tsunami of work” hitting S
The latest COVID outbreak is slowing down SMSF audit processes and creating chaos for SMSF firms, with some clients unable to respond to que
With investments such as term deposits seeing minimal returns, there has been increased investment by SMSFs in non-standard investments such
An SMSF auditor says she can see the potential for lots of problems where SMSFs use an external SuperStream provider rather than one of the
While the changes to the non-arm’s length expenditure rules are not a focus for the ATO yet, the Tax Office is expecting auditors to start
The requirement to include comparable sales data for kerbside valuations for properties is seeing issues and hold-ups with SMSF audits, part
Some SMSFs are failing to properly document arrangements where they have provided rental relief or loan relief due to the pandemic, which ma
With SMSF auditors taking on greater numbers of new clients after the changes to auditor independence, auditors may identify more administra
With the increasing popularity of non-fungible tokens (NFTs), SMSFs potentially holding NFTs will need to be prepared to manage numerous com
The SMSF Association has appointed a new member to its board heading into 2022.
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