ATO releases new version of SMSF Independent auditor’s report (IAR)

The ATO has recently released a new version of the Self-managed super fund (SMSF) independent auditor’s report (IAR) (NAT 11466-07.2021) form that  SMSF auditors must complete for all audits from 1 July 2021.

The new version of the IAR must be used for any audits that SMSF auditors complete on or after this date regardless of what income year they apply to.

The new version of the IAR contains updates to the independence clauses under both Part A and Part B of the report which emphasise the importance of:

• ensuring auditor’s firm or network firm is not providing any non-assurance services to an audit client that are prohibited; and
• if auditor’s firm or network firm is preparing financial statements for an audit client after 1 July 2021, that a management responsibility has not been assumed for the fund and the services provided are routine or mechanical and safeguards have been applied.

Part B now also includes a reference to the new Auditing Standard ASQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements. Systems of quality management in compliance with this ASQM are required to be designed and implemented by 15 December 2022. Up until this time an auditor can continue to apply the existing ASQC1.

Sections or regulations listed at Appendix 1 of the IAR have not been changed.

Access to the new form is available through the SMSF Independent Auditor’s Report link below:

For audits completed on or after 1 July 2021 – download

Self-managed super fund independent auditor’s report (IAR) (NAT 11466-07.2021, DOCX 709KB)