SMSF Auditor Independence Webinar
The New Guidance

The impact of the new SMSF Auditor Independence Guidance - does it end in-house audits?

Recorded Wednesday, 5 August 2020

Individual Recording

Is this the end of in-house audits for accounting firms?
What is a "routine or mechanical service"?
Understanding what you can and can't do under the new guidance

The May 2020 SMSF Auditor Independence guide released by the Accounting Professional & Ethical Standards Board (APESB) and the professional bodies has a fundamental impact on how professional practices deliver SMSF services to their clients.

Chapter 8 makes it clear that an SMSF auditor cannot audit an SMSF where the auditor, their staff or their firm has prepared the financial statements for the SMSF unless it is a “routine or mechanical service”.

The SMSF Auditor Independence Webinar walks through the essential changes to the APESB Independence Guide step-by-step, to ensure that your practice makes an informed decision about what to do with your SMSF services.

If your practice provides both SMSF audits and compliance services, regardless of your structure, you need to understand the new rules.

Member Recording 
Individual Recording

What we cover

The SMSF Auditor Independence Webinar looks at specific examples of funds that you can continue to audit internally, and funds that must be audited by an external party. We will also explore reciprocal arrangements and look into the commercial implications for accounting practices.
  • Fact vs commentary - what does the May 2020 Auditor Independence guide actually say?
  • What is a "routine and mechanical" service?
  • How to ensure independence is maintained
  • The ethical standards and reciprocal or referral arrangements
  • Specific case studies around different types of SMSFs and different types of practices
  • Does SMSF software help or hinder perceived independence?
  • A look into the commercial impact on your business
Member Recording 
Individual Recording

Ray Itaoui

Director, Hayes Knight

Ray is a Director of Hayes Knight and a registered SMSF Auditor with extensive experience in the audit, accounting and administration of superannuation funds.

Ray has expanded Hayes Knight’s Superannuation Division considerably over the last few years. As the head of the SMSF division, he has developed and implemented the processes and procedures to create an efficient, accurate and proactive SMSF compliance, administration and audit service. In addition to his work with Hayes Knight, Ray also heads Hayes Knight’s SMSF audit and administration outsourcing company, Superssentials Pty Ltd. Superssentials is a high quality, Australian based service that ensures there will be no nasty surprises for accounting firms across Australia and the clients they refer.

Ray is that rare breed of person who is not only practical but detail conscious with an in-depth understanding of the impact of the regulatory environment faced by the profession.

Ray Itaoui
Ray Itaoui
Director, Hayes Knight

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