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Some self-managed superannuation funds (SMSF) auditors work on so few funds a year that they neglect continuing professional development, according to the Association of Superannuation Funds of Australia (ASFA).
In a submission responding to the Australian Taxation Office’s (ATO’s) publication which reviewed SMSF independent auditors’ reports, ASFA said that it had been concerned about the quality and skill of some SMSF auditors and for this reason it was supportive of efforts by the tax office to educate and enforce standards.
“ASFA supports the ATO in its efforts to educate and enforce standards upon auditors — some of whom audit so few funds a year that continuing professional development is neglected,” the ASFA submission said. “The ATO’s efforts in this regard to take action against underperforming SMSF auditors are note-worthy.”
The submission broadly backed new, more onerous standards with respect to SMSF auditing — including a more rigorous, legally enforceable test of independence.
It said this meant that SMSF audit firms would need to obtain written confirmation from their staff with respect to their independence.
