Recorded Webinar: The SMSF Auditor Role in Reviewing Valuation Compliance: The Headaches Continue

Market valuations will be subject to strict ATO scrutiny for compliance, particularly as SMSF trustees scramble to stay under the new caps and balances. This session examines the key auditor responsibilities in auditing valuation compliance, including:

• Determining the market value of an asset - what the auditor should look for

• Valuation requirements for property and what is adequate audit evidence of the valuation

• Determining what is commercial terms when reviewing rental income

• Valuing units in unlisted trusts or shares in unlisted companies - audit checklist

• Valuing overseas property, collectibles and personal use assets - what is sufficient evidence for an auditor?

• Auditor role to check annual financial statements properly reflect market value on supportable evidence

• Powers of auditor to request further evidence

• Auditor reporting obligations where there is a breach, or potential breach