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Are we allowed to audit the SMSF of the accountant that send us super funds of his clients?
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Hi Sam
There is nothing that I am aware of that would specifically preclude you from auditing an accountant's personal SMSF when they send you their client SMSF's.
You could argue it is a threat to independence.
For more guidance on threats to independence and what to do you can refer Independence Guide, May 2020 that can be located at:
https://apesb.org.au/uploads/home/27052020043807_APESB_Independence_Guide_May_2020.pdf
It states at page 90 that:
"Paras 410.3 A1 to AUST 410.3.1 A1 specifically address fees and appropriate safeguards that could be put in place where a large proportion of fees comes from one referral source including (para 410.3 A6 and AUST 410.3.1 A1):
• Increase the auditor’s client base to reduce dependence on the referral source.
• Having an appropriate reviewer who did not take part in the audits to review the audits.
Other appropriate safeguards might include external quality control reviews or external consultation on key audit judgements."
It would be great to get other forum members views on this question.
Thanks
The Auditors Institute