*BEWARE* Low Cost Providers
We have had several discussions with clients, and other professionals within the self-managed superannuation fund (SMSF) industry, about low cost providers of accounting and audit work. The ATO have commenced targeting low cost auditors and suppliers.
Kasey Macfarlane, the ATO SMSF Segment Assistant Commissioner said during theinterview with the SMSF Association that low-cost audit problems discovered included the failure to confirm fund assets and not reviewing the terms and structures of Limited Recourse Borrowing Arrangements. Kasey continues “In another case, there was an auditor who failed to retain documentation in accordance with the auditing standards and had failed to identify and report two material real contraventions that the ATO had required.”