In recent years, both the ATO and ASIC have shone the spotlight on the independence of SMSF auditors in Australia. This scrutiny of SMSF auditors is set to increase under a new licensing regime, which allows accountants to provide SMSF advice.
Many accounting firms are likely to seek SMSF auditing services from a related party, and auditors employed in these related firms may have inadvertently breached independence by accepting audits where the firm has also provided SMSF advice.
Audit your Superfund believes that there are real conflicts of interest when a firm provides SMSF advice, prepares the tax returns and financials, and also completes the SMSF audit – our discussions with the ATO have bolstered this viewpoint.
Don’t risk your business by trying to incorporate SMSF audits into an already comprehensive offering.
If there is any sniff of an SMSF auditor failing to report correctly due to these conflicts of interest, the ATO will be prepared to come down hard on the firm as a whole. This results in greater scrutiny from the ATO and ASIC, which will redirect businesses’ crucial time away from clients.
Your firm and your time is valuable. Don’t risk your business by trying to incorporate SMSF audits into an already comprehensive offering. Choose a quality, independent SMSF auditorfor your firm’s superannuation audit requirements.