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  • ATO SMSF auditor independence guidance has been updated

    In mid-March we published detailed web guidance on the independence standards for approved self-managed super fund (SMSF) auditors set out in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code).

    Providing guidance in this format enables us to respond to changes, emerging issues and future guidance needs to assist SMSF auditors meet their obligations.

    A new section, Appropriate reviewer requirements, has now been added to our guidance on Applying appropriate safeguards, located under the Non-assurance services and in-house audits section.

    This new section provides guidance on:

    • the meaning of 'appropriate reviewer' as described in the Code and the importance of ensuring they provide an objective review
    • how an appropriate reviewer may use a sampling approach in a situation where independence threats arise because a firm generates a large proportion of their audit fees from one referral source, and
    • what evidence we expect to see documented on the audit file by the appropriate reviewer

    We previously made an update in April to the Reciprocal auditing arrangements and referral source issues section of our guidance on Issues for firms when re-structuring, located under the Non-assurance services and in-house audits section.

    As the guidance is intended to be an ongoing resource for SMSF auditors on independence issues, we will advise when futher updates or additions are made.

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      Last modified: 15 Jul 2021QC 65204