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  • ATO guidance on independence standards – update for SMSF auditors

    In June 2020 we published an article on the new Independence Guide – Fifth Edition, May 2020 to highlight key changes to the restructured APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code), which became effective on 1 January 2020 and is mandatory for audits and reviews in Australia.

    In this article we advised that the Commissioner would be writing to auditing firms during the 2020–21 financial year to assist SMSF auditors comply with their requirements under the restructured Code.

    In October 2020 we published a further article to provide interim guidance on applying the new independence standards to in-house SMSF audits and our compliance approach. This article made it clear that auditing firms would need to overcome several hurdles for in-house audits to meet the requirements of the Code.

    After further consideration and consultation with industry stakeholders we have decided, in lieu of writing to auditing firms, to publish detailed guidance on our website.

    This web content will provide SMSF auditing firms and tax professionals guidance on the independence standards under the Code and our position on key issues of concern to industry, including in relation to in-house audits.

    Providing guidance in this format will enable us to provide targeted up-to-date information to auditors to help them meet their obligations and allow us to respond quickly to any changes, emerging issues and future guidance needs.

    We are currently finalising the content of our guidance, which we expect to publish by March 2021, and will advise auditors when this occurs.

    Keep up to date on when this information is published through subscribing to our SMSF news and alerts below.

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      Last modified: 13 Jan 2021QC 64534