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‘Gone are the days of in-house audits’, ATO warns
The ATO is encouraging SMSF firms to start restructuring their audit engagements now rather than hoping clients meet the “routine and mechanical” exception, given the risk the exemption may not even exist in future years.
ATO director Kellie Grant said the SMSF industry should be approaching the restructured code and APESB independence guide for auditors by simply “accepting that gone are days of in-house audits and Chinese walls”.
Read more at SMSF Adviser.
