This week in review - our Blog

Juggling hats?

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Too many roles does not add up to audit independence.

The ATO continues to have concerns over auditors who are not independent and those that are not complying with the ATO’s regulations. Auditors cannot be a trustee or member of the fund nor the person who prepared the
SMSF accounts.
 
It is crucial that all SMSFs are complying with ATO regulations. There are challenges in completing independent audits for an accounting firm that is also responsible for preparing the accounts and the trustees of a SMSF. Addressing issues with clients can be difficult when funds do not comply.
 
Specialist skills and experience are required to be a wise and independent auditor. If an auditor is only working part time, how can they keep up to date with the complex and ever-changing regulations, rules and exceptions to rules? Make it your focus to choose a quality SMSF auditor.
 
Why miss out on impartial advice and also create a longterm risk, simply to create a marketing funnel of work to another division in your firm? Keep the objectives clear and make the first - and only - priority to manage your SMSF practice professionally.