ATO Enhances Electronic Audits

The ATO has released an updated version of its electronic superannuation audit tool to allow auditors to lodge contravention reports for funds that are audited early in the 2020 financial year.

In an update published on Wednesday, the ATO noted that the 2020 period had been added to the July release of its audit tool, so that auditors and actuaries could lodge contravention reports for funds that were audited earlier than usual.

In addition, the new release of the tool contained updated reference material and minor systems changes as well as incorporated new whistleblower legislative requirements commencing 1 July 2019.

When using the tool, the ATO noted auditors would be able to identify and specify contraventions through a series of interview-style questions, as well as prepare, revise and lodge contravention reports and advise the office that a fund audit had been completed.

They could also refer to current legislation and case study guidance for correcting breaches, maintain historical notes around client audits and review the outcomes of a fund audit.

However, the ATO cautioned auditors that the electronic tool “doesn’t replace your work program; it complements and supports your decision-making process for the compliance audit”.

The office also released a user guide for auditors wanting to make use of the electronic tool for SMSF audits, containing instructions on how to set up auditor and fund details in the system and how to navigate the different screens, modes and menus.  

The ATO also noted there was a training mode available for auditors to practise using the tool and learn about its features before commencing their fund audit.


By Sarah Kendell

SMSF Adviser

23 August 2019

Recent Posts

See All

ASIC Should Withdraw Its SMSF Factsheet

The Australian Securities and Investments Commission (ASIC) should withdraw its Self-Managed Superannuation Fund (SMSF) factsheet because it contains “an array of seemingly deliberate inaccuracies”, a

SMSFA Points To ASIC Fact Sheet Inconsistencies

The SMSF Association has criticised the corporate regulator’s focus on the risks of SMSFs in its mailout campaign targeting new trustees, saying the data sources used in its fact sheet are inconsisten