ASIC acts against SMSF Auditors who no longer have practical experience
Maintaining an appropriate level of Audit experience has never been more important for ASIC. SIS regulations require SMSF Auditors to have practical knowledge on how to conduct audits and need to audit funds in order to have their license valid and on-going. Recently ASIC took action against 42 SMSF Auditors including their license being canceled or had conditions imposed on them due to not having enough experience in conducting audits of self managed super funds. 6 of the 42 Auditors had conditions imposed to their license which were as follows: Independent reviews – Having a number of audits reviewed by an independent SMSF auditor for compliance with auditing standards
Education – Completing specific courses of study, including in audit and fund compliance requirements under the Superannuation Industry (Supervision) Act 1993 (SIS Act) compliance
ASIC exam – Sitting and passing ASIC’s SMSF auditor competency exam prior to issuing any SMSF audit reports.
Section 123E of the SIS Act allows the cancellation of the registration of an SMSF auditor who no longer has the practical experience required to perform SMSF audits. At www.onlinesmsfaudit.com.au, we aim to provide the necessary education and share knowledge in the field of SMSF via regular Webinars held by Manoj Abichandani - SMSF Specialist (UNSW), ASIC Approved SMSF Auditor, Secretary SMSF Auditors Association of Australia who has written the online software. These webinars also help you complete your CPD points as required by SIS Regulations. Through our online auditing software, we give Auditors the right method and checklists (Over 650 Questions) which improves the quality of audits as well as maintains the reputation of an SMSF Auditor with ASIC & ATO. During the last few months, our users were audited by ATO and they were granted the green chit on the workflows. It is not about using the right software, you still have to do the work and audit properly, however having the right tools for conducting audits ensures that highest auditing standards are maintained to satisfy regulatory bodies and exceed their expectations.
SMSF School.Com.Au We will be soon launching a new website – www.smsfschool.com.au which will allow speakers to conduct technical webinars on various technical topics in the field of SMSF and SMSF Audit. This website will be for all financial professionals who wish to keep their CPD points in check whilst maintaining and upgrading their knowledge in their chosen field. You will have access to CPD on demand (recorded versions) as well as upcoming webinars. Below is the first look of our new portal which aims at education of auditors, trustees, accountants as well as their staff members:
Pace your selves for the new learning experience! Be a part of the revolution!
SMSF School.Com.Au Pricing You will be able to pay as you go - a price determined by the speaker or buy an annual package of $1200 (Incl. GST) which will allow you to attend 30 upcoming webinars for $40 (Incl. GST) each or attend 60 recorded versions for $20 each (Incl. GST). The online version works on credit points - that is $1200 will buy you 120 credits and you will be able to mix and match between upcoming webinars and recorded versions.
LRBA Finance Due to our accounting customers facing difficulties in arranging finance for their clients, we have initiated a mortgage broking service only in limited recourse borrowing arrangements. Ironing out complexities and making life easier for our advisors and their clients, now our Lending Experts can help you borrow money or refinance related party LRBA loans with a commercial lender. Give our SMSF Specialist, Susheel Kumar (CA) a call on 02-968440199 to discuss your SMSF loan or Home loan scenarios. Having client’s best interest at heart, we are there to help you throughout your borrowing journey.
Webinar Date Postponed to 16th September 2020 The webinar titled “Changes in 2020 SMSF Audit Report” has been moved to a new date i.e. 16th September 2020, 2:00 PM to 3:00 PM. For booking the webinar, please go to our Webinar tab on the main website homepage.
New SMSF Audit Report is Online Changes have been made to the Self-managed super fund independent auditor’s report (IAR) (NAT 11466-07.2019) effective for reporting periods starting on or after 1st July 2019. This form replaces the previous IAR that was effective for reporting periods on or after 1st July 2016. You must use the new form for reporting periods starting on or after 1st July 2019. The changes bring the IAR in line with the equivalent form prepared by auditors of Australian Prudential and Regulation Authority (APRA) funds. We have updated our online form - please note that there can be 4 types of Reports
To explain the changes in the Audit Report attend our free webinar When: 16th September 2020 Time: 2.00 PM To 3.00 PM How to Book: https://www.onlinesmsfaudit.com.au/BookWebinar.aspx Cost: Free
Thank you We continue to strive to make useful enhancements to the software to bring in more efficiency for auditors to carry out fully compliant audits effectively. Should you want any additional feature, do not hesitate to contact me directly. Thank you for your continued support. Manoj Abichandani manoj@ucservices.com.au 0411 56 46 26 |
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