This paper was written by Katrina Fletcher SSA™ SSAud™, Managing Director, Elite Super.
With the changes to SMSF legislation, your audit practice systems and processes will be tested. Checking the integrity and validity of your procedures against the new legislation will be a work in progress. Getting the basics right is now more important than ever.
If independence is amiss, other aspects of the audit are immediately suspect & prone to inspection.
This paper details:
- Auditor Independence – what is it and defences that just don’t cut it!
- Scenarios of independence, the threats and what can be done to protect your business
- Examples of when things go wrong for SMSF auditors and how to avoid them
- Documenting auditor independence – if it is not documented, it is not done!
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association