smsf audit related tips

  The long-awaited guidance from the ATO to ensure the independence of SMSF auditors has been released. This confirms the requirements set forth in  APES 110 Code of Ethics for Professional Accountants (including Independence Standards). The revised Code stipulates that SMSF auditors must use the conceptual framework to identify, evaluate, and address independence threats. SMSF auditors must use professional judgment and be alert for any new information or changes in facts and conditions. SMSF auditors need to apply a litmus test. They should ask themselves if they would hesitate in writing an adverse finding or preparing an audit report. For example, an SMSF auditor could identify a compliance violation for a client and deal with it in a management letter. This would compromise independence. SMSF Auditor Independence  The ATO has provided the following information  in several scenarios these  situations will continue to pose independence threats and cannot easily be resolved.   In th