SMSF auditors and auditor independence after 1 July 2021

For all audits completed after 1 July 2021, approved Self-managed super fund (SMSF) auditors and tax professionals must comply with the SMSF independence standards that impact in-house audits in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code), which became effective on 1 January 2020.

To assist professionals to meet the standards, we hosted a webinar for SMSF auditors and tax professionals on Wednesday 28 July 2020.

The webinar covered:

• scenarios where the auditor is prohibited from auditing a SMSF
• the independence standards that impact firms who provide both non-assurance and auditing services
• evidence the ATO will expect to see to demonstrate compliance with the standards
• issues to be aware of when restructuring to comply with the standards
• how the ATO will monitor compliance with these standards during the 2021-22 financial year.

You can watch the recording of the webinar, including the question and answer session, view the transcript and download a copy of the presentation slides at the link below.

This may contribute to your continuing professional education.

Watch:

See also:

• SMSF auditors and auditor independence after 1 July 2021 - side packThis link will download a file
• Auditor independence
• SMSF auditors
• Self-managed superannuation fund independent auditor's report (IAR)
• Completing the Auditor/actuary contravention report

Approved SMSF auditors must comply with the SMSF independence standards in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code) for all audits completed after 1 July 2021.