The ATO is beginning to target low-cost self managed super fund auditors in an effort to ensure audits are undertaken thoroughly and efficiently.
Low-cost auditors require a high turnover of work to make ends meet which is leading the ATO to examine whether the individuals are examining contraventions closely enough.
Auditors who pledge to save costs by offering a one size fits all approach are risking hefty penalties which are handed down to trustees personally. SMSF auditors price according to time and due to the fact that there is no such thing as a 'standard' SMSF, a low-cost auditor is not able to apply a standardised approach.
The ATO is actively trawling social media and online sites for information on low-cost auditors in a move to avoid costly repercussions for accountants and trustees
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