Is the SMSF auditor responsible for verifying and reporting on the details in the TBAR forms? Example, if the member exceeds the TBA cap. Also, I have found that the tax components in the members statements are often random with some accountants not taking it too seriously. In both cases, if the details of the TBARs and/or tax components are wrong, tax and/or penalties may arise. Are there any risks to the auditor for errors or omissions in the above?
Our Modern SMSF Auditors Association Forum
The forum is made available for the benefit of members only and is primarily for education and training purposes and to encourage discussion between members. The information and answers given are general in nature and do not take into account any specific circumstances, objectives, financial situation or needs in relation to the matter raised. In no way is the response to be taken as financial advice and each member should seek their own professional advice before making any appropriate decision.