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The ATO, SMSF Audits and Independence Standards

The ATO, as the regulator for the SMSF sector, has SMSF Auditor compliance with the APESB Independence Guide as a key focus for the 2020/2021 Financial Year.

What does your firm need to do to ensure your practices, processes, workpapers and check lists meet these guidelines?

Utilise specialised content packs with up-to-date standards, programmes, checklists and procedures:

Key benefits

maximise fee revenue

Maximise your fee revenue

Automate the mundane and personalise the exceptions. See our client case studies showing significant increased productivity and higher fee recovery.

time cost savings

Time and cost savings

Leverage numerous time saving features to streamline the way work is done and enable managers and staff to focus on productive tasks.

increase compliance quality

Increase compliance quality

Standardise your processes, checklists and procedures for how work is done in your practice; monthly, quarterly, year-end and audit.

improve team collaboration

Improve team collaboration

A cloud platform to do your work on, manage your work and collaborate.

manage jobs effectively

Manage jobs and tasks effectively

Customisable workflows, dashboards and analytics. Partners and managers can easily prioritise work, filter by deadlines, team members or job stage.

increase client retention

Increase client retention and engagement

Collaborate and engage with clients timely and efficiently within the software. Share documents and queries in the Client Portal, all direct to the client file.

reduce risk errors

Reduce risk of errors

Workpaper index, programmes, checklists and reports are dynamically built from API (or CSV) connections to bookkeeping products.

audit trail

Audit trail of documents and work done

Version control of all documents, track all work performed and queries and responses. Ensure reviews are completed.

How can MyWorkpapers ensure complete compliance with ATO requirements and Independence Guidelines?

Address ATO Independence and conflict of interest concerns

Comply with ATO requirements for SMSF independent auditor reports

Comply with the ATO auditor independence requirements prescribed in the SISR

Comply with competency standards for approved SMSF auditors issued by ASIC

Comply with applicable auditing and assurance standards issued by the Auditing and Assurance Standards Board (AUASB)

Comply with new APES 110 Independence Standards