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 […]
The benefits and risks of 6-member SMSFs
Recently the maximum number of members to form part of a self-managed superannuation fund (SMSF) and small APRA funds was increased from four to six. The Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020, which resulted in this increase in fund member sizing as of 1 July 2021, is also responsible for extending the eligible […]
3 Key Factors to Consider When Selecting a New SMSF Auditor
There are only a few weeks before the 1 July changes to auditing standards come into effect, with in-house audits at risk of not complying with the Code. So, if your company is considering seeking external auditing services, there are a few fundamental questions to ask when selecting a new SMSF auditor. Time is running […]
Illegal Early Access of Super
Written by SMSF Audit Manager James Song. With the “COVID-19 Early Release of Super” program ending on 31st December 2020, the ATO has advised that they will be paying particular attention to SMSF audits in the current financial year. It’s imperative that SMSF auditors work closely with accounting firms to ensure that client SMSF funds […]
What do the new SMSF Auditor Independence Requirements mean for your firm?
For smaller firms unable to specialise in SMSF audits, there are real challenges in providing these services in a truly independent manner.
