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Independent Audit Requirements For SMSFs

Embracing recent changes made to the independence guidelines (in APES 110 Code of Ethics) the ATO has adopted an uncompromising position that the one firm cannot prepare the financial statements and also undertake the SMSF audit unless the following applies: (a) the non-audit services provided by the firm are “routine or mechanical in nature”; and (b) the auditor is able to reduce the self-review threat to an acceptable level. In a simplistic interpretation of the ATO’s comments around “routine and mechanical”, it would seem an accountant cannot help the SMSF trustees prepare the financial statements in any capacity and audit them. The ATO is clearly indicating that tax professionals will now have to choose between auditing or preparing the financial statements.

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