Date issued: 2 July 2010
The Cooper Review Panel has recommended in its phase three preliminary report on self-managed superannuation funds that 'full' audit independence be legislated. It is worth noting that this is a recommendation only, the final report has not yet been provided to the government and there is no indication whether the government would adopt such a recommendation.
CPA Australia, as part of the Joint Accounting Bodies with the Institute of Chartered Accountants in Australia and National Institute of Accountants,are opposed to any such measure as there is already a robust professional independence framework in place. Any additional requirements would increase the compliance burden for auditors, reduce the availability of auditors and ultimately increase costs for SMSF trustees. The Joint Accounting Bodies have conveyed this opposition in writing to the Cooper Review Panel and the minister's office.
