ATO warning highlights need for specialist auditors

The importance of the SMSF Professionals’ Association of Australia (SPAA) SMSF Specialist Auditor (SSAud) program has been highlighted by the warning by the Australian Taxation Office (ATO) that it will penalise self-managed super funds (SMSFs) that break the law from 1 July.

A statement by the ATO said there would be greater ongoing examination of SMSFs and their auditors, especially those funds identified as “high risk”, and that penalties of up to $10,200 would be imposed on funds falling foul of the law.

SPAA CEO Andrea Slattery says: “This timely warning from the ATO just reinforces a key SPAA message – that having a skilled auditor is critically important for every SMSF trustee. SPAA SMSF auditors are recognised by ASIC for their specialist SMSF audit knowledge, as well as superannuation law.

“SPAA SMSF Specialist Auditors have proven their competency in auditing SMSFs because they are required to have signed off on at least 20 audits in the past 12 months or have undertaken 300 hours of SMSF audit activity in the past year.

“In addition, they are required to maintain their currency of knowledge through Continuing Professional Development (CPD) requirements, which means that SMSF trustees and the ATO can trust the veracity of their audits.”

Slattery says the SSAud program, which is specifically designed for audit professionals seeking recognition for their specialist skills and knowledge, is the best guarantee for trustees that their SMSFs are meeting all their legal obligations at a time when the ATO has signalled it is increasing scrutiny of the sector.