Almost 260 ASIC registered SMSF Auditors were disqualified by the ATO during the financial year ended 30 June 2018, according to SMSTrusteeNews.
It is imperative that aSMSF auditor remains independent as this is a requirement of ASIC regulation and the associated legislation.
Lack of SMSF Auditor independence is a contributing factor as to why hundreds of SMSF Auditors were disqualified last financial year.
Under the current changes to the restructured APES 110 Code of Ethics for Professional Accountants (including Independence Standards) effective 1 January 2020, independence is mandatory for audits and review in Australia.
“SMSF auditor cannot audit an SMSF where the auditor, their staff or their firm has prepared the financial statements for the SMSF unless it is a routine or mechanical service” – ATO QC63029.
To ensure the threat from the lack of independence is eliminated in your practice and your actions are conducive to the current regulations and legislations – contact us and we can assist you.
Using our independent SMSF audit specialist services provides that extra barrier of independence for you and is well worth the investment.