The following is an article written by the institute of Chartered Accountants on the importance of independence.
A subject that often engenders discussion and debate is around the real and/or perceived value of professional independence in the provision of financial or any other advice. For many professional financial advisors (including accountants), independence is a highly valued characteristic and one that differentiates their service offering to clients.
The recent changes to how the Australia Taxation Office (ATO) reviews ACRs means that a Self-Managed SuperFund (SMSF) does not automatically becomes non-compliant when an SMSF Auditor lodges an ACR.
The most recent figures show the ATO made only 92 Funds non-compliant during the 2014/15 financial year. With more than 556,000 SMSFs in existence and a 2.5% ACR lodgement rate, there is a 0.07% chance a Fund with a reportable breach will get taxed at the highest marginal rate.