The ATO’s new standard audit report released
The Australian Taxation Office have released their standard audit report for the year ended 30 June 2014 (NAT 11466) and interestingly there are no new sections or regulations of the Superannuation Industry (Supervision) Act 1993 for the auditor to review. Therefore clients should expect an audit approach which is very similar to the 2013 financial year.
Author
David Burrows
Director
David's wealth of business experience and a clear vision for the future has enabled Baumgartner Super to establish itself as a market leader.
Recent articles by David
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Audit warning — ‘incorrect’ withdrawals
Read why all trustees should be extra vigilant about the circumstances surrounding any withdrawals from their SMSF's bank account.
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Announcement: David Burrows SMSF AAA Board appointment
Baumgartner Super Director, David Burrows, joins the Board of the SMSF Auditors Association of Australia (SMSF AAA).
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Verifying the market values of unlisted investments
The ATO has released guidance for auditors on verifying the market value of unlisted shares or units in trusts. They make it clear they expect SMSF auditors to both qualify Part B of their audit opinion and lodge an ACR where there is a material breach