Setting the Standard: What the ATO’s 2024–25 Auditor Compliance Program Means for Your Firm
- Superannuation Audit Services
- Jul 22
- 3 min read
Protect Your Clients with SMSF Audits the ATO Trusts
At Superannuation Audit Services, we partner with accounting firms to deliver SMSF audits that stand the test of regulatory scrutiny.
The ATO recently released its key findings from the 2024–25 Auditor Compliance Program, and it’s a must-read for firms like yours. Here’s our take—what it means for your practice and how we help you stay ahead.
Key Insights from the ATO’s 2024–25 Auditor Compliance Program
200+ auditors reviewed The ATO conducted comprehensive reviews of more than 200 SMSF auditors during the 2024–25 financial year.
41 referrals to ASIC and 36 voluntary deregistrations These actions underscore how seriously non‑compliance is taken.
Rise in ACR lodgment rates Thanks to their high-volume review program, ACR lodgement jumped from 2.2% to 3.6%.
What the ATO Identified as Common Failings
The ATO flagged several recurring pitfalls in auditor reviews:
Insufficient evidence of arm’s‑length transactions (Section 109)
Lack of reliable market valuations—particularly for unlisted assets (reg 8.02B)
No checks for borrower charges on fund assets (reg 13.14)
Limited recourse borrowing arrangements not properly reviewed (ss 67, 67A)
Unsigned financial statements on file (s 35B)
These are non-negotiable requirements under SISA and SISR—and the ATO is watching closely.
How Superannuation Audit Services Supports Your Firm
1. Robust Documentation & Evidence Gathering We ensure every audit file includes:
Clear documentation confirming arm’s‑length dealings
Trustee-signed, market-value evidence
Borrowing documentation for any LRBAs
Fully executed financial statements—and retention of all working papers
2. Comprehensive ACR Compliance Checks We proactively vet every possible contravention and manage ACR lodgement in line with ATO expectations, sparing you late or under-lodged reports during reviews.
3. Independence Assurance Independence breaches—such as in-house audits, reciprocal arrangements, or conflicts of interest—were a major source of referrals. We monitor all independence and engagement risks, ensuring compliance with APES 110.
4. Market Valuation Reviews In light of the ATO’s continued focus on static valuations, we emphasise independent market valuations—especially for asset classes lacking clear market evidence.
5. We're Here to Support You Our experienced team is always available to answer your questions or clarify SMSF audit requirements. Whether you need help interpreting ATO guidance or understanding how to document a particular transaction, we’re only a phone call or email away.
What This Means for Your Accounting Firm
Heightened Audit Quality Expectations The ATO’s program sends a clear message: quality matters. Their escalation process—from targeted education to ASIC referrals—shows that poor-quality audits carry real consequences.
Staying Ahead of ATO Focus Areas If your firm handles a high volume of audits, complex asset structures, LRBAs, or in-house arrangements, you’re likely on the ATO’s radar for 2025–26.
Proactive Compliance is Non-Negotiable A reactive approach is no longer enough. Firms must embed ACR readiness, independence checks, and evidence verification within their processes early—exactly what we do at Superannuation Audit Services.
How We Help You Win
Superannuation Audit Services delivers audits that not only meet regulatory bars but exceed them, providing you and your clients with confidence and compliance clarity. Here's what you get:
Benefit | Description |
Assurance against ATO scrutiny | Audit files packed with traceable evidence, signed reports & market value documentation |
ACR peace of mind | Thorough checks and timely lodgements aligned with ATO expectations |
Independence compliance | We identify and mitigate any risk of conflicts or in-house audit breaches |
Responsive support | Quick, informed answers to your audit queries—when you need them most |
In Conclusion
The ATO’s recent findings highlight that even reputable firms can fall short in critical SMSF audit areas. Superannuation Audit Services ensures you’re never struggling with evidence gaps, non-compliant financials or missing ACRs—and shields your reputation from regulatory consequences.
Get in touch to strengthen your audit quality—before the ATO calls.
Book a FREE consultation with our team of dedicated SMSF auditors today.
Disclaimer: This communication is for general informational purposes. For tailored advice specific to your firm’s circumstances, please contact us directly.
