Auditing the Auditor: Managing Client Expectations
Auditing the Auditor: Managing Client Expectations Over the past four years as an auditor in public practice, I have developed a deep appreciation for the importance of strong client-auditor relationships. I’ve learned that managing these relationships effectively isn’t just helpful—it’s essential for delivering high-quality audits and ensuring client satisfaction. Challenges in Meeting Client Expectations One […]
Ready for New Australian Sustainability Reporting Standards (ASRS)?
Ready for New Australian Sustainability Reporting Standards (ASRS)? Mandatory reporting of climate-related activities for Australian companies will kick off from next year. The Australian Sustainability Reporting Standards (ASRS) legislation was passed by the Senate in August 2024, with mandatory reporting to start from January 1, 2025. The Standards will affect large and medium-sized organisations, although […]
What Is LRBA? Understanding Limited Recourse Borrowing For SMSFs
Limited Recourse Borrowing Arrangements (LRBAs) enable Self-Managed Superannuation Funds (SMSFs) to leverage borrowed funds for asset purchases, presenting opportunities for growth while safeguarding the fund’s other assets from potential risks. The complexity of these arrangements necessitates rigorous auditing practices to ensure compliance with regulatory standards. This article explores the fundamentals of LRBAs and the LRBA […]
Preparing For Your First Financial Statement Audit: A 2026 Checklist
Undertaking your first financial statement audit will be a rewarding process for your organisation. With the right auditor and preparation, financial statement audits are a great opportunity to provide stakeholders with assurance, reliability, and trust. This process improves transparency of financial data, helps develop operational efficiencies, identifies potential risks, and ensures compliance with relevant laws […]
Internal and External Auditing: Why Are Both Important?
Let’s dive into internal and external auditing. If you’re running a business or are part of a business leadership team, you’ve likely encountered internal and external audits. Perhaps you have even been involved in one or both. But do you fully understand what distinguishes them and why they could both be important to your business? […]
SMSF Death Benefits: Key Insights for Secure Planning
Managing a Self-Managed Super Fund involves investment strategies and planning for SMSF death benefits. Handling benefits is crucial to ensure they are allocated to the correct beneficiaries and comply with legal requirements. This article outlines the key considerations and audit processes for SMSF death benefits, guiding you through every step. Managing Trusteeship After Death […]
SMSF Rules For Collectables & Personal Use Assets
What are Collectables and Personal Use Assets? Collectables and personal-use assets are investments typically enjoyed for personal pleasure or everyday use. However, when acquired by a super fund, they must serve genuine retirement purposes and comply with the sole purpose test, providing no present-day benefits. These assets, known as SMSF collectables and personal use assets, […]