ASIC has taken action against 7 SMSF auditorsASIC has taken action against 7 SMSF auditors including 2 disqualifications, 2 suspensions, imposing conditions on 3 registrations and cancelling the registration of another. Information about these auditors, was referred to ASIC by the ATO under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act) who conducted a review of the audits conducted by these auditors. These 7 Auditors are:
1. Start Karnas - Disqualified - misusing his auditor number to lodge annual returns for his own SMSF; 2. Keith Knight - Disqualified - failed to obtain sufficient appropriate audit evidence in SMSF audits on property valuations and title of assets which were not held in the name of the corporate trustee and failed to use the prescribed audit report format; 3. Trevor Ward - Cancelled - failing to comply with continuing professional development requirements, hold an appropriate level of professional indemnity insurance and lodge annual statements for two years; 4. Ranjit Dadwal - Suspended - not being a fit and proper person in that he had received criminal convictions for three offences; 5. Joseph Carbone - Suspended - failing to report that an SMSF audited by him had not recorded a property at market value, comply with independence requirements by auditing an SMSF where his staff prepared the accounts and financial statements, and maintain appropriate records of compliance with CPD requirements. 6. Antonia Christine Quinn - Conditions Imposed - failing to obtain sufficient appropriate audit evidence in the audit of an SMSF on whether a lease was on an arm’s length basis and for failing to comply with CPD requirements. 7. Chooi Beh - Conditions Imposed - failing to obtain sufficient appropriate audit evidence in the audit of an SMSF about the value of unlisted shares and whether monies advanced to the fund were borrowings.
Once you register, you get to use the software for free for 5 SMSF's - Try before you buy. The fee to audit one fund is $17 plus GST or can be $7 plus GST, per fund if you buy 2,000 audit pack.
Click here to download list of features and brochure of online SMSF Audit Click here to start your free trial for 5 funds
Conditions which ASIC can impose If ATO finds any of your audits to be deficient, they can report you to ASIC who can put the following conditions to your registration as an auditor:
I also recommend that you join SMSF Auditors Association of Australia LTD which offers 20 hours of Annual CPD via 20 online webinars for a low fee of $240 + GST. To Join visit www.smsfaaa.com.au
Seminar 14th March Rydges Melbourne - 186 Exhibition Street - 6 Seats LeftSession have been upgraded - as below
08.30 AM Registration 09.00 AM SMSF's and property Development - By Phil Broderick | Principal at Sladen Legal 10.00 AM Are SMSF assets protected when Trustees become Bankrupt - Chris Ketsakidis | Partner Mills Oakley 11.00 AM Morning Tea 11.30 AM How to complete an Audit in half the time - Manoj Abichandani 01.00 PM Lunch 02.00 PM Machine SMSF Financial Audit 03.45 PM Seminar Close and Afternoon Tea
Cost: $165 (Includes 6 CPD Hours and 10 Free audits on onlinesmsfaudit.com.au - Value $187)
Phil is a principal of Sladen Legal and heads its superannuation team. He is member of a number of superannuation related committees. This includes being the co-chair of The Tax Institute’s superannuation committee and the chair of SISFA’s technical committee. He is also a member of number of the ATO’s superannuation liaison groups including the Superannuation Industry Relationship Network (SIRN) and the Superannuation Industry Stewardship Group (SISG). Phil is also heavily involved in liaising with Treasury and ATO in relation to the implementation of new super laws and administrative practices. Phil’s areas of practice include superannuation, estate planning and succession, duties and state taxes, trusts, federal tax and business structuring. He is regular author and presenter. His articles have featured in The Tax Institute’s Taxation in Australia Journal and CCH’s Super News. He has presented at seminars and conferences conducted by The Tax Institute, the Television Education Network, Legalwise and various accounting bodies.
Chris Ketsakidis Chris specialises in superannuation and financial services advice for a broad range of industry participants, including public offer and public sector superannuation funds, corporate funds, responsible entities, worker entitlement funds and their service providers. Chris advises on all investment, regulatory, compliance, tax and contractual issues, including issues arising from disputes, regulator actions, royal commissions, superannuation product offerings, fund mergers, and outsourcing arrangements. With over 25 years’ experience, Chris is known for his breadth and depth of knowledge, technical expertise, lateral thinking and strategic acumen which he draws on regularly to resolve client issues or assist them to achieve their goals. His extensive network and strong relationships throughout the industry complement his trusted adviser status. He is also a regular speaker at seminars and the author of numerous articles published by professional journals on issues affecting superannuation. MILLS OAKLEY Law Firm of the Year MELBOURNE | SYDNEY | BRISBANE | CANBERRA | PERTH
Can a Machine Audit an SMSF? YES, But only financial audit. If the machine knows which listed share in what quantity is owned by the SMSF - then it will be very easy for the machine to work out Dividend income and closing share prices and changes in market value. If you feed the value & term of fixed deposit, the machine will be able to predict interest income of the fund. Now let's take this a notch up - imagine if the machine knows the value of the property and its post code, if the right algorithms are fed in, the machine will be able to predict annual rental income, strata and can work out its land tax expense etc... compare all this to the funds trial balance figures - you will have a discrepancy report adjusted to your material risks - Financial Audit completed in one click - This is what we are creating at online SMSF audit.
OCR and SMSF Audit OCR stands for Optical character recognition, OCR technology is where the machine finds & displays a certain character, figure or a word in any one or multiple selected documents. Our recent enhancement will focus around finding various figures in trial balance, dividends etc in the documents uploaded by the client for the funds audit. This new enhancement should save you audit time by finding trial balance / dividend figures etc in the mountain of documents uploaded by the client. We are also upgrading our documents pages - where any character / word can also be found from all the documents uploaded in the current year or any previous years audit. To see this OCR technology in action - attend one of our seminar close to you and see how this enhancement will save you time in each of your SMSF Audit.
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Let us show you... How to reduce SMSF Audit time in half! Do more with less ...
Topics Technical Session: Audit of Funds with Pension members above Transfer Balance Cap Amount; Actuarial Certificate and Strategies: SMSF audit under the new regime of Contributions / Total Superannuation Balance Audit Tool: Do more with less time using an Online Audit Program Proposed Agenda - Other than Melbourne 08.30 AM: Registration - Arrival Tea and Coffee 09.00 AM: Technical Session 11.00 AM: Tea/Coffee Break 11:30 AM: Introduction to Audit Online on SMSF Audit Software and Website integration 01:00 PM: Lunch and Group Discussion on Audit of funds with LRBA - Loan from related party - how repayment of Loan will be considered 02.00 PM: How to complete an audit in half the time by using online SMSF audit 04.30 PM: Seminar Closed
Introduction/Overview SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. It checks closing share prices, dividends received from ASX and all mundane tasks of signing, scanning & mailing of audit report, Mgt. letter, engagement letter, Invoice & contravention reports etc. are automated with one click of a mouse. Embrace an efficient framework for high quality audits and conduct audits on a flawless workflow Management system. Achieve peace of mind & confidence of knowing that you are using a completely up-to-date online checklist and cloud process to deliver a robust, hassle free top quality SMSF audit. Improve communication with accountants & trustees. Manage 20 or 2000 audits by streamlining workflow from our smart Audit Manager & establish seamless communication between all parties. Our online SMSF audit system is the only tool which can deliver reliability, speed and volume and ultimately profits for your business at a fraction of the cost. Benefits/learning outcomes Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionise your business. Included in the fee is an account to audit 10 SMSF on the online platform worth $187 and Lunch. Those auditors who are already using the online software will benefit by learning new shortcuts and other advanced features of the online software. Recommended For All SMSF ASIC approved auditors. CPD Hours 2 Hours CPD in Superannuation and 4 Hours CPD on auditing SMSF's Total 6 CPD hours under self assessment method under RG 243.88 - 90 and SISA 128Q and SISR 9.04 RG 243.89 You will need to complete 120 hours of CPD over each three-year period, which must include 30 hours of development on superannuation and at least 8 hours of development on auditing SMSFs. SISR 9A.04 (3) (b) be development that could reasonably be expected to enhance an approved SMSF auditor's technical skills or professional service delivery. Attendee Requirements Attendees may bring their own Laptops / Ipads for a better understanding - although some attendees may get more from the workshop by looking at the facilitators screen
Speaker Mr Manoj Abichandani Manoj has worked in SMSF since 1988 and is SMSF Specialist (UNSW). He was providing high level advisory services to over 600 funds in his own 3 partner CPA tax practice for 19 years and has written this online software. He currently works as SMSF Technical Support Team Leader at www.trustdeed.com.au He has hands on knowledge on what happens in a tax practice on high level of SMSF practical issues.
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Phil Broderick 
