Misuse of SMSF auditor numbers surfacing via ATO
A number of auditors have approached the ATO with serious concerns their auditor numbers are being misused on SMSF annual returns they were not responsible for.
This startling revelation has been revealed as the ATO admits there is nervousness from within the SMSF auditing community that misuse is being detected due to administrative error but also misappropriation of auditor’s numbers.
In an act to monitor the misuse, SMSF auditors can email the ATO directly to be sent a list of the annual returns on which their numbers have been recorded allowing a more stringent monitoring of SMSF number use. Due to privacy reasons, this list cannot be sent automatically to auditors and should be manually requested by each SMSF auditor.
The misuse highlights issues around the integrity of some SMSF audit processes and raises issues with compliance within the sector. The ATO looks to thoroughly investigate all instances of misuse and has marked the concern as a “high priority”.