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The ATO has reminded SMSF auditors about their reporting obligations to the tax office, even once an engagement is terminated.
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ATO warns SMSF auditors on reporting obligations
22 June 2015
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In a recent announcement, the ATO stated it is aware that some trustees and their professional advisers have terminated an auditor engagement when the auditor raised issues or concerns, and have subsequently appointed a different auditor.
“An auditor’s obligation to report to us exists whether they complete the audit engagement or not. Even if they are removed from an engagement, they are still required to report identified contraventions,” the ATO stated.
“Auditors can also report any additional information they believe is relevant. We encourage auditors to advise us if they believe they were removed from an engagement because they raised an issue or concern with the trustees."
The ATO also encouraged trustees to work with their auditors to understand how contraventions occurred and how to rectify the situation.
“It is better to work with your auditor when an issue is identified rather than try to cover it up or ignore it,” the ATO said.
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