Updated SMSF auditor’s report released by ATO, includes APES 110

The ATO has released an updated SMSF audit report to be used for the 2016/17 and later financial years.

The ATO released the new Self-managed superannuation fund independent auditor’s report (NAT 11466), which is to be used for reporting periods starting on or after 1 July 2016.

The new SMSF audit report includes changes needed to comply with current auditing standards.

“It’s important you 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),” said the ATO.

“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.”

The ATO specifically points to the inclusion in the audit report of a commitment that the auditor is independent of the SMSF in accordance with the ethical requirements in the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants.

No changes were made to the list of SIS/SISR provisions specified in the Compliance Report part of the audit report.

“You may use this report for audits completed for earlier periods. However, you must take care to comply with the auditing standards and legislation that applied to that earlier period,” said the ATO.

New versions of the SMSF audit report are not released each year, but only “reissued when changes are made”.

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