The Age --- Page: B2 : 23 November 2007 Original article by Max Newnham
LexisNexis Summary
The Australian Taxation Office (ATO) is scrutinising trustees of self-managed superannuation funds. The ATO is concerned about the standard of audits of funds. It will review the competency of 900 auditors in the first year of the program. Its main concern is a lack of independence between the accounting and the audit function. It means that the accountants of funds could have to refer audit work to another accountant. Trustees risk large penalties if they do not comply with regulations.
