The work of SMSF auditors does not end with just SMSF audits. Their work also gets reviewed by none other than the ATO. That’s why SMSF auditors are expected to be always vigilant. If you are wondering what the ATO looks for in SMSF audits, we have got the answers. Points that ATO looks for in an SMSF audit 1. Threats to the SMSF auditor’s independence To make sure that there is no such threat, the ATO usually ensures that: ● SMSF auditors have not audited their own or immediate family’s fund. ● Auditor or the audit firm’s employees have not prepared the SMSF accounts. ● Auditor wasn’t involved in a reciprocal arrangement i.e. if two independent auditors were not auditing each other’s SMSF. 2. Completion of audit documentation In this regard, the ATO focuses on the following areas: ● If the written audit plan and strategy are there on the file along with the audit checklist. ● If the signed engageme
Accounting, Taxation, Bookkeeping, smsf audit