smsf audit related tips

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.              ...

  Self-managed super   funds are a great choice when it comes to investments and financial independence. However, r unning an SMSF is not a child’s play. There is a lot to take care and   SMSF audit is  one of those  mandatory requirement s   that should be  met.    SMSF auditing   should be done by   SMSF  auditor s  registered  with the Australian  S ecurities and Investment  C ommission  ( ASIC ) . App roved  SMSF auditor s   are required to  carry out the financial as well as compliance audit for the  superfunds.   Not sure what superannuation   audit is all about? Read on!   What is  an  SMSF audit?   The SMSF  laws require an  SMSF  to  be audited annually .  Australian SMSF audits can be categorized into two parts:   Financial audits:   While performing financial audits, super fund auditors check whether t...