Partnering with AMW Audit for Independent SMSF Audits
In 2020 the Accounting Professional & Ethical Standards Board (APESB) made changes to Part 4B of APES 110 Code of Ethics for Professional Accountants (including Independence Standards). These changes addressed the objectivity of an audit by strengthening Independence requirements. The resulting updated Independence Guide released by the APESB highlights how these changes affect how accounting firms are supposed to enact Self-Managed Super Funds or SMSF compliance audits.
According to the new guidelines, firms that prepared the financial statements of an SMSF will no longer be allowed to perform the audit as well, except for routine or mechanical aspects.
Instead, an independent ASIC approved SMSF auditor will now be a necessity.
Due to the sweeping nature of these changes which can potentially impact thousands of accountants and hundreds of thousands of funds, the possibility of disruption is to be expected. Thus, the need for a qualified audit firm that can conduct self-managed super fund audits is evident, in order to ensure that the results are all above board.
Not only will forming a partnership with a reputable auditing firm comply with the new regulations, but it will also provide all parties involved with much-needed peace of mind.
SMSF Auditing Guideline Changes
The changes in the guidelines for auditing SMSF’s are mainly aimed at addressing the risk around objectivity. Can accountants look objectively at their own accounting work during the audit process? The answer appears to be no. The change simply prevents the auditing of one’s own work and is neatly summed up with this extract from the new Independence Guide.
“An auditor cannot audit a SMSF where the auditor, their staff or their firm has prepared the financial statements unless it is a routine or mechanical service.”
Why Choose AMW Audit for Independent SMSF Audits
The process for an SMSF Audit can be a time-consuming and challenging prospect. With the right services, it can be much easier. At AMW, we guarantee the independence and integrity of our auditing process.
Our 40 years of experience in auditing involves handling over 750 SMSF audit’s annually. This has allowed us to develop our expertise in the audit of the financial statements in accordance with Australian Auditing Standards and compliance with the Superannuation Industry (Supervision) Act 1993 (SIS Act).
In our firm, we have a Specialised SMSF Audit team as well as a Registered SMSF Auditor. As such, we are more than ready to take on any of the thousands of funds that will be affected by these recent changes. Our team is large enough that we have a really quick turnaround time and in most cases the audit begin on the day we receive the information.
Moreover, we are an audit-only firm. This makes us completely independent and immune to any intimidation, external influence, as well as other special interests. You can rest assured that there would be no conflict of interest and that the audit process will be done professionally.
