ATO acknowledges auditor improvements
While the Australian Taxation Office (ATO) is continuing to work with the industry to implement new auditor registration arrangements, it has conceded that, generally, standards have already risen.
In a recent address to the Institute of Chartered Accountants national SMSF conference, ATO assistant commissioner Stuart Forsyth said that the ATO's general assessment of approved auditors was that they were doing a much more professional job than previously.
"This is reflected in the trend towards greater specialisation in this market and by a reduction in the number of auditors who conduct only a handful of audits.
"Through our data-matching exercises, we're observing fewer auditors who audit their own fund, although we still have concerns around auditor independence and unwillingness by some to comply with their obligations," Forsyth said.
He said a significant concern was that some auditors were not identifying and reporting serious contraventions by funds they audit "as would be expected of a professional auditor".
AUTHOR
Mike Taylor
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
