SMSF auditing, 2 auditors required?

Discussion in 'Accounting & Tax' started by thesuperman, 2nd Jun, 2016.

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  1. thesuperman

    thesuperman Well-Known Member

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    I've been told that as of 2015 the SMSF auditing has become a lot more difficult & 2 different auditors are required to audit the fund. Is that correct & if so, why is that?
     
    thesuperman, 2nd Jun, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I have never heard of this!
     
    Terry_w, 2nd Jun, 2016
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  3. Marg4000

    Marg4000 Well-Known Member

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    The auditor must be separate to your accountant. Maybe this is what was meant??
    Marg
     
    Marg4000, 2nd Jun, 2016
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  4. Mike A

    Mike A Well-Known Member

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    two auditors aren't required. i think the accountant means that the firm auditing the accounts shouldn't be the same firm preparing the accounts.
     
    Mike A, 2nd Jun, 2016
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  5. Phantom

    Phantom Well-Known Member

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    An auditor must maintain independence from the the financial statement preparer. So if you're accountant prepared the financials, cannot also audit them. It will need to be done by another firm/auditor.
     
    Phantom, 2nd Jun, 2016
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  6. Redwood

    Redwood Well-Known Member

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    Auditor must be registered with ASIC and needs to be independent of the tax agent. You can search the auditor on the ASIC website. Cheers Ivan
     
    Redwood, 2nd Jun, 2016
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  7. hobo

    hobo Well-Known Member

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    None of this is new (ie "as of 2015"), though... right?
     
    hobo, 2nd Jun, 2016
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  8. Property Hoarder

    Property Hoarder Well-Known Member

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    I think who ever told you that is getting confused.

    An SMSF auditor does 2 audits. A SIS Compliance audit and financial statement audit.

    But both audits are done by the same auditor. Been like this for years.
     
    Property Hoarder, 2nd Jun, 2016
    #8
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Thats been the case for a LONG LONG time... I keep reading about many who dont comply but ASIC just scrub them now. They dont bother with re-education.
     
    Paul@PAS, 2nd Jun, 2016
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  10. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Its one audit that encompasses the lot. Nobody should consider it as two functions. The one auditor must do it all.
     
    Paul@PAS, 2nd Jun, 2016
    #10