How the proposed 3 year audit cycle will impact the accounting sector

The government's proposal to introduce a three-year audit cycle for some SMSFs has received extensive criticism from key professional bodies within the accounting industry, with many unable to see any benefit to the proposal and instead identifying potential for a growth in compliance breaches. On this episode of Accountants Daily Insider, host Katarina Taurian is joined by executive general manager of technical services at ASF Audits, Shelley Banton, who will discuss her thoughts on the proposed changes, and the likelihood of the policy going ahead. They will discuss the issues that will arise as a result of the changes, how it could lead to privacy risks for SMSF clients, and if there is any evidence that the proposal will actually help the integrity of the accounting sector.