ATO Now Checking SMSF Auditor Credentials
The Association of Taxation and Management Accountants (ATMA) has been receiving requests for SMSF auditor verification from the Australian Taxation Office (ATO). Only a few days ago, the organization has received at least four calls from the ATO, asking if certain SMSF Auditors have met or completed ATMA PPC workshops.
The ATO has also advised the association that it will regularly be referring to the organization any member that should be sanctioned with disciplinary actions. It will also require require these auditors to take the SMSF Audit Workshop the soonest possible time.
Of the most recent inquiries done, the ATMA has verified that the auditor is, in fact, not listed as member. Thus, the ATO will be taking action.
Calls to the ATMA by ATO involve the following questions:
• If the auditor is a certified member of the ATMA.
• If the auditor is a voting member or a retire member.
• If the auditor has completed ATMA requirements qualifying him or her as ATMA SMSF Auditor.
• If the auditor has completed ATMA requirements to hold PPC.
• If the auditor has undergone and completed an SMSF Audit Workshop.
The ATO strictly requires SMSF Auditors to be a member of an approved accounting organization, with PPC certification and have completed an SMSF Auditor Program. The auditor must also have PI Insurance.
Tagged Australian Taxation Office