POWERED BY MOMENTUM MEDIA
ASFA concerned about SMSF auditors
|
Some self-managed superannuation funds (SMSF) auditors work on so few funds a year that they neglect continuing professional development, according to the Association of Superannuation Funds of Australia (ASFA).
In a submission responding to the Australian Taxation Office's (ATO's) publication that reviewed SMSF independent auditors' reports, ASFA said it had been concerned about the quality and skill of some SMSF auditors and for this reason it was supportive of efforts by the ATO to educate and enforce standards.
"ASFA supports the ATO in its efforts to educate and enforce standards upon auditors — some of whom audit so few funds a year that continuing professional development is neglected," the ASFA submission said. "The ATO's efforts in this regard to take action against underperforming SMSF auditors are noteworthy."
The submission broadly backed new, more onerous standards with respect to SMSF auditing — including a more rigorous, legally enforceable test of independence.
It said this meant that SMSF audit firms would need to obtain written confirmation from their staff with respect to their independence.
AUTHOR
Mike Taylor
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
