Auditors in financial advice firms warned on independence threats
SMSF auditors auditing the funds of clients also receiving financial advice from the same firm may be at risk of breaching the APES independence standards, depending on the remuneration model, warns an audit firm.
ASF Audits head of education Shelley Banton said for firms offering financial planning advice as well as SMSF audit services for the same clients, there are some potential self-interest and review threats because the firm’s fees may be directly linked to the financial planning advice.
Read more at SMSF Adviser.
