Audit Independence

The Accounting Professional and Ethical Standards Board (APESB) have recently updated the APES 110 Code of Ethics for Professional Accountants which provides clear guidance to the limitation of services an SMSF Auditor can provide. The APES 110 guide states that an SMSF Auditor cannot conduct an Audit on a set of Special Purpose Financial Statements where the auditor, staff for the auditor or staff of the firm have prepared the Financial Statements for that SMSF. To view the recent article from SMSF Adviser, please click on the tab below.

Engage Us

At Superannuation Warehouse, we strive to provide the highest quality service to our Audit only clients. This includes ensuring that Trustee privacy and documents are kept secure and in line with the compliance processes set out by the governing accounting bodies. If you wish to engage Superannuation Warehouse for an Audit, please click on the tab below.

Independence

It is our duty as Tax Agent that we continue to assist our clients with compliance and accounting matters to the best of our ability. In light of the revised APES 100 guide, we note as per Subsection 602 – Administrative Services of the APES 110 Code of Ethics for Professional Accountants that providing administrative services to an Audit Client does not usually create a threat. The guide goes on to provide examples of administrative services which can be provided by an SMSF Auditor such as:

  • Word processing services for Trustees
  • Assisting Trustees in preparing administrative or statutory forms
  • Assisting Trustees with submitting such forms as instructed by the client
  • Monitoring statutory filing dates and contacting Trustees regarding these dates

To view the Full APES 110 Code of Ethics for Professional Accountants Guide, please click on the tab below.

Q & A:

Can the Auditor lodge the SMSF Tax Return on behalf of the Trustees?

At Superannuation Warehouse we provide Audit services to our Audit only clients. This means we do not Audit Funds which we have prepared the Financial Statements for. If the Trustees of the Fund who are an Audit only client ask for Superannuation Warehouse to lodge the Tax Return on their behalf, we will fulfill this service. The only compliance measure we require is for the Trustees to confirm in writing either via email or on a Minute of Meeting that they elect Superannuation Warehouse as Auditor of the SMSF to lodge the Funds Tax Return.

For more details regarding SMSF Audit, see here

Can the Auditor revise the set of Financial Statements if an error has been discovered?

The short answer is no. As Auditor of the SMSF, we Audit the set of Financial Statements and cannot revise or amend the set of Financial Statements. If you are interested in Superannuation Warehouse preparing the set of Financial Statements for the SMSF, please see here

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