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SMSF Auditor Disqualified

ASIC has found that 5 SMSF Auditors are not doing their audit work   properly, it has suspended one and imposed conditions on the other four. We give you below two opportunities for CPD in SMSF Audit

1) Attend a free webinar by Kellie Grant of ATO - by SMSF Auditors Association of Australia - If you are an ASIC approved auditor, you can also join the Association - for more information - read below

2) Attend a full day seminar only on SMSF Audit in Melbourne (20th March 2020) and Sydney (27th March 2020) for only $275 - see below for details  

If you want to improave the quality of your SMSF audit, register on www.onlinesmsfaudit.com.au and try the software for auditing 5 funds for free. 

ASIC Message:

ASIC on 14th Feb 2020 announced that it has disqualified the following person from being an SMSF auditor:

  • Philip Shugg of Victoria – for not being a fit and proper person as he was bankrupt.

Suspension and conditions imposed on SMSF auditors

ASIC suspended for one year and imposed conditions on the following SMSF auditor:

  • Greg Marlow of the Northern Territory – for significant deficiencies in auditing the ownership and valuation of fund assets, lease agreements, whether transactions were on an arm’s-length basis, and compliance with personal use and collectable asset rules. He also issued an audit report in an incorrect form, and did not obtain signed financial statements.

Conditions imposed on SMSF auditors

If an auditor breaches a condition on their registration ASIC may disqualify or suspend their registration.

ASIC imposed conditions on the following SMSF auditors:

  • John Redenbach of New South Wales – for deficiencies in maintaining auditor independence, and deficiencies in audit work on the ownership and valuation of fund assets and whether a transaction was on an arm’s-length basis.
  • Lenneke Serjeant of New South Wales - for deficiencies in maintaining auditor independence, and deficiencies in audit work on the valuation of fund assets, lease and loan agreements, execution of trust deeds and reviewing the investment strategy by trustees.
  • Angelo Covelli of Victoria - for deficiencies in audit work on the valuation of fund assets, limited recourse borrowing arrangements, lease agreements and rental statements.
  • Darren Tappouras of New South Wales - for deficiencies in audit work on the ownership and valuation of fund assets, in-house asset requirements, limited recourse borrowing arrangements. He also did not obtain signed financial statements and did not comply with CPD requirements.

 

 

Auditing the Auditors - What an SMSF Auditor can expect during an ATO Audit

FREE WEBINAR

Important Message from ATO : SMSF Auditors Association of Australia LTD runs 20 free webinars in a year for its members.

They have decided to offer the next webinar for free to all SMSF Auditors as it is an important message from the ATO.

Date: 18th Feb 2020

Time: 2.00 PM to 3.00 PM Sydney Time

 

Topic: Auditing the Auditors - What an SMSF Auditor can expect during an ATO Audit

By Kellie Grant | ATO Director | SMSF Approved Auditors Portfolio

 

This session will cover the following;

  • - The ATO auditor compliance program planned for 2019-2020
  • - How we identify auditors for audit & the audit process and the evidence we look for on file
  • - Results from the 2018-2019 auditor compliance program

 

How to Book for this Webinar for free

Step 1: Visit https://www.smsfaaa.com.au/Home/Webinar

Step 2 : Click "Book Now" on Kellie Grant Webinar - please note for other webinars you will have to pay $55 to attend as a non-member

Step 3: On the pop up Window - Click "Not an Auditor?" - If you are a member of SMSF AAA - click on "log in" - If you want to become a member - click on  "Register"

Step 4: Webinar payment page will be displayed - Click on "Register" and you will be prompted to enter your details and you will be able to book for the webinar for free

If you have any questions - phone the number of the website www.smsfaaa.com.au 02 8315 7796 - Do not contact us.

 

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"Auditors Day" - SMSF AUDITORS ASSOCIATION OF AUSTRALIA LTD

20th March - Melbourne - Pullman Albert Park         27th March - Sydney Hilton CBD

 

Download Brochure

 

Manoj Abichandani our SMSF Technical Director - trustdeed.com.au will be presenting on the below topic in Sydney and Melbourne 

Topic: Australian Auditing Standards that apply to SMSF's and Part A Audit Report Qualifications

 

 

 

All SMSF Auditors must be familiar with all Australian Auditing Standards - especially those which apply to SMSF. Along with compliance reporting in an ACR, auditors are also required to form an opinion on financial audit of the fund and any breaches of Part A of the audit report to be marked on the Annual Return of the fund and reported to the regulator .

In this refresher session, Manoj will take us over some of the AAS which will question on how we audit funds currently and how we should be auditing in future. Materiality, Risk, Independence standard APES 110, Going Concern etc are some of the topics which will be discussed.  

 

 

Seminar : SMSF Auditors Day - Melbourne - 6 CPD hours - $275 for Members & $495 for Non-Members
Venue : PULLMAN & MERCURE ALBERT PARK 65 QUEENS ROAD MELBOURNE 3004 – AUSTRALIA
 
Date : 
 
Timings : 12.15 to 1
 

The fee for seminar is $ 275 Incl. GST and is tax deductible(Plus Travel)- $495 for Non-Members
Seminar : SMSF Auditors Day - Sydney - 6 CPD hours - $275 for Members & $495 for Non-Members
Venue : HILTON SYDNEY 488 GEORGE STREET, SYDNEY NSW 2000 AUSTRALIA
 
Date : 
 
Timings : 2 to 2.45

HOW TO BOOK : Members : Log in to your Online members area and book  

https://www.smsfaaa.com.au/Home/Seminar#sbb1

 

 

Benefits of being a member of

SMSF Auditors Association of Australia

 

20 CPD hours in SMSF per year
   

Learn from SMSF Experts – All Webinars are recorded and watched at any time

 

 

Technical Questions answered by our Focus Members

 

JOIN  SMSF AUDITORS ASSOCIATION OF AUSTRALIA

 

https://www.smsfaaa.com.au/Home/Register

 

 

SMSF Auditors Association of Australia Ltd

Members can attend 20 Free Webinars in a Year 

Each Webinar = 1 CPD hour for Audit & FASEA Allocation "Technical Competence"

 

 

Schedule for 2020 Calendar Year

 

1) 4th Feb - Dealing with Unlisted Investments in SMSF  - By Manoj Abichandani | Technical Directors - www.trustdeed.com.au

2) 18th Feb - Auditing the Auditors - What SMSF Auditor can expect during an ATO Audit - By Kellie Grant | ATO Director | SMSF Approved Auditors Portfolio

3) 3rd March - Audit of SMSF's paying various types of pensions to members - By Rohan Mansfield | Principal Adviser | LDB Financial Group 

4) 17th March  - Why Investment Strategies will bankrupt SMSF Auditors - By Grant Abbott | Lawyer | I love Super 

5) 31st March -Australian Superannuation Funds - Do I have a Complying SMSF? - By Clinton Jackson | Partner |  Cooper Grace Ward

6) 6th April -  To Be Advised  - By Julie Steed | Sr Technical Manager | Australian Executor Trustees

7) 5th May - SMSF Considerations in the Event of a Divorce - By Peter Bobbin - Managing Principal | Argyle Lawyers

8) 19th May - BDBN Vs Reversionary Pensions as a strategy - By Deanne Firth | Principal | Tactical Super 

9) 2nd June - Auditing Property Development in an SMSF - By Bryce Figot | Special Counsel DBA Lawyers

10) 14th July -  Superannuation and Estate Planning with SMSF Perspective - By Mathew Burgess | Lawyer | View Legal

11) 28th July -Audit Issues for  the 2020 Financial Year - Everything you need to know - By Lyn Formica | Head SMSF Technical Services | Heffron SMSF Solutions

12) 11th Aug  -LRBA - Commercial Vs Residential Property - By Manoj Abichandani | Technical Director www.trustdeed.com.au

13) 25th Aug- To Be Advised - By Scott Hay-Bartlem | Partner | Cooper Grace Ward Lawyers

14) 1st Sept - To Be Advised - By Julie Dolan | SMSF Director | KPMG

15) 15th Sept - Business Real Property, the SMSF and the Auditor - By Naomi Kewley | Partner | Peak Super Audits

16) 6th OctTo Be Advised  - By Jemma Sanderson | Head of SMSF and Succession |Cooper Partners

17) 20th Oct - To Be Advised - By Colin Lewis | Head of Technical Services | Fitzpatricks Private Wealth

18) 3rd Nov - To Be Advised - By To Be Advised

19) 17th Nov  - To Be Advised - Mark Ellem

20) 1st Dec  - To Be Advised - By To Be Advised

 

Membership Fees for 2019 - 20

SMSF Auditors Association of Australia membership is open to only ASIC approved SMSF Auditors, it currently has 560 financial members.

How to pay your Membership Fees: Visit www.smsfaaa.com.au and log in - the system will take you to the payment area.

 

From 1st July 2019 - 30th June 2020 financial year $240 + GST per year (Fees are charged from month of joining to 30th June each year) - Fees for 2020-21 year is $300 + GST per year. The benefits of being a member of the association are :

1) Real time Online Chat with focus members (more experienced) on complex audit issues relating to your current audit. The chat button is after you log in to the website and if no focus members are online, your question is emailed to them for their response.

2) Attend 20 free webinars per year by various SMSF industry experts. For attending each webinar you should be able to claim 1 CPD hour in SMSF Audit. To book for any session, simply log in and go to webinar page.

3) Express opinion online, on various submissions which the association makes to the ATO, ASIC and Treasury.

4) As an Association, we are here to help & support our members in case they feel threatened, by unreasonable ASIC disqualification or ATO exerting un-due pressure on the good work which most our members do.

 
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