A new version of the Self-managed superannuation fund (SMSF) independent auditor’s report has been published on the ATO website.
The new form is effective for reporting periods starting on or after July 1, 2016. It can also be used for audits completed for earlier periods, but you must ensure it complies with the auditing standards and legislation that applied to that period.
A downloadable version of the document NAT 11466 (Self-managed superannuation fund independent auditor’s report) is available as a .docx file from the ATO website.
The ATO says it is important that trustees become familiar with the new format as it incorporates changes to comply with current auditing and assurance standards published by the Auditing and Assurance Standards Board (AUASB).
While the form may appear very different to previous SMSF Independent auditor’s report forms, the most significant changes are to the order of the paragraphs with some additions to the wording required under the standards. The SMSF auditor’s opinion now appears at the beginning of the report and the opinion headings align with those in the APRA auditor report form.
No changes were made to the list of provisions under the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994 (SISR) specified in Part B: Compliance Report.
The audit report now includes a specific commitment that the auditor has complied with auditor independence requirements prescribed by SISR.
Further guidance on auditor independence and adherence to APES 110 is available in the Joint Accounting Bodies publication Independence Guide as well as in the Auditing and Assurance Standards Board (AUASB) Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds on their website auasb.gov.au
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