11 April 2024

Upholding Integrity in the SMSF Industry

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Superannuation Audit Services stands out as a beacon of independence in the SMSF auditing landscape. Specialising solely in SMSF auditing without offering any other accounting services, Superannuation Audit Services has always been and remains completely independent. This commitment to independence ensures that clients receive unbiased and reliable audit services, free from conflicts of interest.

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In a recent move to uphold the integrity of the self-managed superannuation fund (SMSF) sector, the Australian Securities and Investments Commission (ASIC) has taken action against 15 SMSF auditors for performing in-house audits. Following a review by the Australian Taxation Office (ATO) of audit firms engaged in both accounting and auditing services for SMSF clients, ASIC imposed conditions on the registration of 13 SMSF auditors and accepted voluntary cancellations from two auditors due to concerns over independence.

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ASIC Deputy Chair Sarah Court highlighted the importance of auditor independence, stating, "Independence is fundamental to auditors to protect the integrity of the SMSF industry. SMSF auditors should carefully consider their structure and any services provided to audit clients to identify and evaluate independence."

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The imposed conditions focus on preventing in-house audits, requiring an independent review of all SMSF audit clients, and mandating notification of the conditions to the auditors' professional association.

About Superannuation Audit Services

Superannuation Audit Services is a leading SMSF auditing company based in Melbourne, with a broad reach servicing clients Australia wide. Our experienced team is dedicated to delivering reliable and thorough audit services to ensure compliance with regulatory requirements, offering peace of mind to our clients.