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We have an external auditor, he has audited one of our client's smsf for more than 10 years. Can he continue to audit the same client from 1/7/2021? or is there a limit imposed by the authority?
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Hi Manita
Thanks, my view is the Independence Guide would have been prepared on the basis that an auditor is normally doing an audit each year for 10 years not 10 years of audits over 3 years. On that basis I think it is reasonable to argue that there is less of a self-interest or familiarity threats to independence given the 10 years of audits were done over a 3 year period.
If the auditor had any concerns they should consider the safeguards that were raised.
Thanks
SMSf AAA