SMSF: Overcoming challenges in auditing compliance

With auditing season in full swing and the ATO increasing its scrutiny of the sector, this week's SMSF Adviser podcast focuses on the challenges auditors may face regarding compliance.

Hosts Keith Ford and Aaron Dunn are joined by legal specialist Bryce Figot from DBA Lawyers, one of the sector's leading experts in the intricacies of SMSF auditing, to discuss what's involved in managing the myriad regulatory obligations SMSF auditors now face.

Figot touches on, among other things, the Tax Office's renewed focus on auditor compliance for 2025 – especially in maintaining professional standards and quality control. He also reflects on the importance of auditors as gatekeepers in the industry with responsibility for ensuring the integrity of over a trillion dollars in SMSF assets.

The podcast also delves into:

• The ATO's scrutiny of 'volume auditors'.
• The importance of professional indemnity insurance for SMSF auditors.
• Pricing matters and what auditors should be charging per audit.
• The rigours and importance of documentation.
• The evolving landscape of the SMSF auditing industry with a shrinking number of auditors and an increasing number of SMSFs.