13 November 2024

Insights from Auditors Day 2024: Key Takeaways

On 8th November 2024, our Superannuation Audit Services team, including Denise, Daniel, and William, attended the Auditors Day 2024 Conference hosted by The Auditors Institute at the Crowne Plaza Melbourne. The event was a dynamic gathering of industry professionals, exploring pressing topics and industry trends that impact SMSF auditors across Australia. Here are the key takeaways from this informative event.

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Key Takeaways
 

Market Valuations: Continuing Challenges

One of the primary discussions at Auditors Day 2024 was the ongoing issue of market valuations. As SMSF auditors, we understand that accurate market valuations are crucial for financial integrity and compliance.

The panel highlighted that improper or unsupported valuations remain a significant challenge for many firms. Key solutions discussed included regular updates to valuation methodologies and leveraging independent valuations to ensure accuracy. The takeaway? SMSF auditors must prioritise robust, well-supported valuations to remain compliant and avoid scrutiny.

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AQSM Requirements: Planning and Review Essentials

The AQSM (Audit Quality and Self-Management) guidelines are reshaping SMSF audit processes, pushing firms to reassess their planning and review strategies. During the sessions, experts discussed the importance of proactive planning in managing audit quality. For SMSF auditors, these guidelines mean dedicating more resources to upfront planning, internal reviews, and quality control, which ultimately helps in achieving higher accuracy and compliance. Our team gained insights into optimising internal processes to better meet AQSM standards and manage audit quality effectively.
 

Increased ATO Focus on SMSF Auditors

The Australian Taxation Office (ATO) has recently ramped up its focus on SMSF auditors, a trend that was thoroughly examined at the conference. This heightened scrutiny is part of the ATO’s commitment to enhancing transparency and compliance within the superannuation sector. Our team noted that ATO representatives advised SMSF auditors to be meticulous in their audit documentation and ensure compliance with all regulations. With the ATO increasing its reviews, auditors are advised to stay current with the latest requirements to mitigate the risk of penalties and maintain their registration.

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Declining Numbers of Registered SMSF Auditors

Another concerning trend discussed was the sharp decline in the number of registered SMSF auditors, which has been dropping significantly year on year. This decrease highlights the need for both quality and support within the industry. The conference’s speakers addressed the high demands of maintaining standards and the challenges this poses for smaller firms. This trend also underscores the importance of professional development and upskilling, which helps auditors meet evolving regulatory demands and keep pace with industry changes.​

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Final Thoughts

The Auditors Day 2024 provided invaluable insights into the latest industry standards, regulatory expectations, and challenges faced by SMSF auditors. For our Superannuation Audit Services team, the event reinforced the need for diligence, ongoing education, and quality management in all aspects of SMSF auditing. By addressing the issues discussed—market valuations, AQSM requirements, ATO focus, and the auditor workforce decline—we are better equipped to offer our clients high-quality audit services that adhere to Australia’s regulatory framework.

We look forward to implementing these insights to continue serving our clients with excellence and integrity in SMSF auditing.

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For more details on the event, visit The Auditors Institute's website.

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.