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Dear Colleagues
Can the auditor do personal tax return for the trustee?
Will it affect the independence of the auditor if the income form trustee's personal tax return is not material?
Thank you for your support.
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Hi Noble
Yes my view is that the auditor can prepare the personal tax return for the trustee in such a situation.
The preparation of a personal tax return would normally be considered a routine role that normally would not threaten the independence of the auditor.
The audit report also provides guidance as it states:
"Where my firm or network firm provided any other non-assurance services to the fund, we are satisfied that those services were not prohibited under the Code and any independence threats arising have been eliminated or reduced to an acceptable level by the application of safeguards."
A great reference for independence issues re a SMSF audit is found at chapter 8 of APESB's Independence guide that can be located at:
https://apesb.org.au/uploads/home/27052020043807_APESB_Independence_Guide_May_2020.pdf
Thanks
SMSF AAA