Super Sphere director Belinda Aisbett has announced that the SMSF Auditors Lobby Group has been established with the aim of protecting the integrity of the SMSF sector by supporting an annual audit of SMSFs.
“We are united in our attempt to present a collective voice to preserve the findings of the Super System Review, chaired by Jeremy Cooper,” said Ms Aisbett.
The Super System Review found that an “annual audit provides a high level of assurance to members, regulators, government and the community more generally”, she noted.
Ms Aisbett said a joint submission was sent to various parties last week voicing the collective concerns of the lobby group.
The submission estimates that approximately 90 per cent of SMSFs will fit the description of a fund with a good audit history.
It stated that while attempts to reduce costs for the industry are a positive goal, there are other ways in which this could be achieved.
One of the alternatives it suggested was removing the need for certain minor contraventions to be reported to the ATO, which would reduce audit time and ATO resources.
Some of the requirements for the auditor to review certain documentation and its retention could also be removed, it said.
It also suggested consultation with standard setters to design more relevant and efficient mandatory auditing standards applicable to SMSF audits.