Find out about the obligations required for an SMSF auditor to undertake their responsibilities in this short video by the Australian Tax Office.
An update has been applied to the recently released ATO independence guidance for approved SMSF auditors.
SMSF auditors do not need to modify Part A of the SMSF Independent Auditor Report (IAR) where the compliance approach for non-arm’s length expenditure applies for the 2021–22 income year.
Due to the large number of amended transfer balance account reports the ATO is receiving for SMSFs, Trustees have an obligation to ensure that their TBAR reporting is these three things.friends.
Two recent cases have highlighted the obligation of self-managed super fund (SMSF) auditors to verify asset values in financial accounts and statements.