ASIC Publishes Insights from the Reportable Situations Regime: What Financial Service Businesses Need to Know
ASIC has published the first round of data received from financial services and credit licensees under the reportable situations regime. ASIC Commissioner Sean Hughes noted the importance of this publication, saying. “This report provides crucial insights into how well industry is monitoring and responding to non-compliance under the reportable situations regime. The data ASIC has […]
SMSF Property Valuations – Auditor Responsibilities in the Spotlight
Property valuations are basically appraisals of property widely used to form an audit opinion about the investment. Regulation 8.02B of SISR requires valuation of all fund assets when preparing financial statements and accounts for SMSF funds each year. Usually property valuation is calculated at ‘market value,’ however other factors including the property type, its surrounding, […]
Mastering ASQM 1 & 2: New Australian Quality Management Standards
What Has Changed and When? In March 2021, the Australian Audit Standards Board (AUASB) released three (3) revised Quality Management Standards: These standards have been revised to promote a robust, proactive, scalable, and effective approach to quality management, marking a significant evolution of the existing quality control standards used by audit practitioners. In addition to […]
SMSF Investment Strategies – Auditors beware!
In the realm of superannuation, case law has a significant influence on how advisers, investors and auditors operate. In 2018, the outcomes of two court cases led many auditors to refocus their audit processes. Some still need to do so. In Ryan Wealth Holdings Pty Ltd v Baumgartner, the Court assessed damages in the sum […]
Preparing “Clean” Accounts: Tips For A Fast & Efficient Audit
For a business in the current environment, healthy financial records are tantamount to its success. Taking the time to put your account’s information in the best possible order can be significantly beneficial for your day-to-day operations, ensuring your financial reports are accurate and allowing for higher-quality auditing. Whether your sector is juggling supply chain delays, […]
Best Practises for Good Cyber Hygiene in the Era of Remote Working
SUMMARY: Remote work has saved Sydney commuters $5.6 billion There is greater risk of cyber security threats when working in an uncontrolled environment out-of-office. Poor cyber hygiene results in impact to profit and can damage your brand Tools, education and sound internal policies can be used to prevent breaches The idea of the ‘traditional workplace’ […]
10 Expert Tips For Improving External Audit Quality
Achieving a high standard of audit quality is essential to building trust and confidence in the audit profession. However, there is no set definition of audit quality standards, and many factors influence audit quality. This can make the assessment of audits challenging and subjective. In an environment where external auditors are facing increased scrutiny and […]
Why Accounting Firms Are Seeking the Expertise of Third-Party Auditors
Managing your own auditing services is not always the most cost-effective option for maintaining high quality financial services for your clients. More and more financial professionals are now choosing to give themselves a helping hand by seeking support for their audit engagements. The need for continuous education to keep the firm and staff knowledge up […]
Audit Update – Business Email Compromise And Payment Scams
In his 2019 report on audit quality and effectiveness, Sir Donald Brydon, the former chairman of the London Stock Exchange Group, described the question of fraud as “the most complex and misunderstood in relation to the auditor’s duties.” The prevention and detection of fraud within a company is primarily the responsibility of the management under […]
The Changes Impacting SMSF Audits You Need To Know For FY22
Several changes were made to Superannuation from 1 July 2021 which may impact the audit of your SMSF clients this financial year. SMSF auditors and those in the financial services industry would do well to familiarise themselves with some of the most recent changes impacting the industry for FY22 reporting. We will cover some of […]