For all audits completed after 1 July 2021, approved Self-managed super fund (SMSF) auditors and tax professionals must comply with the SMSF independence standards that impact in-house audits in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code), which became effective on 1 January 2020.
To assist professionals to meet the standards, we hosted a webinar for SMSF auditors and tax professionals on Wednesday 28 July 2020.
The webinar covered:
- scenarios where the auditor is prohibited from auditing a SMSF
- the independence standards that impact firms who provide both non-assurance and auditing services
- evidence the ATO will expect to see to demonstrate compliance with the standards
- issues to be aware of when restructuring to comply with the standards
- how the ATO will monitor compliance with these standards during the 2021-22 financial year.
You can watch the recording of the webinar, including the question and answer session, view the transcript and download a copy of the presentation slides at the link below.
This may contribute to your continuing professional education.
Media: SMSF auditors and auditor independence after 1 July 2021
https://tv.ato.gov.au/ato-tv/media?v=nixx79jdec5hi5External Link (Duration: 53:12)
- SMSF auditors and auditor independence after 1 July 2021 - side packThis link will download a file
- Auditor independence
- SMSF auditors
- Self-managed superannuation fund independent auditor's report (IAR)
- Completing the Auditor/actuary contravention report