I can do an audit from receipt to sign off in 2 days easily. Even one day at a pinch. But oftentimes, it’s usually a bit longer than that, maybe a week. The question is why. I came across this on LI (and via some SMSF specialist magazines I regularly read), and this is an…
ATO QC73189 regarding SMSF Auditor Outcomes for the 2022-2023 Financial Year. Key points? 41 auditors referred to ASIC from ATO421 Auditors acted against by ASIC in 2022-2023 Key reasons: *Failure to lodge annual statements*In house audits*Inadequate evidence (especially market value)*Inadequate audit files and documentation*Failure to gather evidence for compliance of LRBAs I am and will…
On 17.08.2023, the ATO issued QC 73156, with little fanfare, but huge implications. Basically, the ATO view it as mandatory to do a title search, in order for an auditor to substantiate a conclusion that, yes, the fund has no charge over an asset and is compliant with SIS Reg 13.14 (obviously there is an…
Superstream Audit Dangers! Among the myriad of changes that occur each financial year, some get a huge amount of attention (I’m looking at you LMITO), others seem to sneak by without a whimper. The requirement from 1st July 2023 that *all* rollovers in and out of funds must go via Superstream falls into the whimper…
Another 8 SMSF Auditors disqualified or having additional requirements placed on their registration. This is addition to the other 413 since the start of CY2023. That makes it either 420 or 421 (one of the 8 was previously an ‘additional requirements’ auditor, so he might be double counted). Looking at the reasons for most of…