APES 110 Code of Ethics Update

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No doubt given the press in recent times you are aware of the updated APES 110 Code of Ethics and the potential effect on current SMSF Audit arrangements for some accounting and financial planning firms.

Some of the key points to consider are as follows:

  • ATO has given SMSF Auditors until 30 June 2021 to address independence issues.
  • PI Insurance risk – Insurers maybe unlikely to provide cover if there is a breach of independence requirements.
  • It is problematic to address independence issues by use of the mechanical and routine processes carve out.
  • Pooling arrangements are unlikely to meet the independence guidelines.

BPR Audit is more than ready to discuss your situation and options available.


BPR Audit SMSF audit business is a highly regarded firm in the SMSF audit space with over 20 years of history. Our key points for you to consider are:

  • A Top 100 SMSF Audit Firm which received clean review reports from the ATO in May 2012 and January 2019.
  • We are not volume driven or intent upon aggregation in the SMSF Audit Market. We value knowing our clients intimately.
  • Australian based – we do not offshore.
  • Technical excellence, much appreciated by our clients.
  • Service Delivery – excellent turnaround times and a key KPI in the business.
  • Our culture is solution based for clients.
  • Adoption of current technology.

Don’t forget we are also Registered Company Auditors, so please do not hesitate to reach out for other audit services.

Founder and director of BPR Audit, Bernie has extensive external audit experience including with a multi-national accounting firm as well as CFO, internal audit and senior management experience with other multi-nationals. Bernie has a passionate focus on client service and delivery, and is dedicated to finding solutions and practical ways to improve their systems and processes. To learn more, connect with Bernie on LinkedIn!

BPR Audit provide a range of other audit services that require a registered company auditor.

Other audit services include:

  • Government Grant & Compliance Audits
  • Franchising Code of Conduct Audits
  • Marketing Fund Audits
  • Agreed Upon Procedures Audits

BPR Audit has for many years provided trust account audit services and is able to pass on our experience to clients. We have a systemised and seamless approach to trust account auditing.

Our Services include:

  • Solicitors Trust Accounts (Approved examiner reviews)
  • Real Estate Trust Accounts
  • Accountant’s Trust Accounts
  • Other Trust Accounts

BPR Audit are experienced in auditing not-for-profit entities. We understand that the not-for-profit sector often requires additional accounting expertise to assist in management and committees/directors in compliance and governance. We can assist as required.

Our audit services in the not-for-profit sector include:

  • Companies Limited by guarantee
  • Trusts & Foundations
  • Incorporated Associations
  • Private Ancillary Funds

As registered Company Auditors we provide company audit services, which involve a high level of Manager and Director engagement. This experience assists in providing a seamless audit process. Our experienced team includes ex Big 4 Accounting firm experience.

Our range of company audit services include the following:

  • Public companies
  • Private companies
  • Multinational subsidiaries
  • Australian Financial Services Licensees (AFSL)

In 2019, the ATO conducted a compliance review of 51 top 100 audit firms including BPR Audit Pty Ltd.

  • 2 firms were referred to ASIC due to failure to identify contraventions
  • 5 firms were identified as having exited audit services (voluntary cancellations)
  • Minor deficiencies were identified in 35 firms, including insufficient audit documentation and/or engagement letters not referencing specific SISA sections and SISR regulations, not signed or not updated
  • Just 10 firms were fully compliant. BPR Audit was one of these 10 firms.
  • BPR Audit also was fully compliant in our May 2012 ATO review.

This is a testament to the quality audits we undertake and provides assurance to you in terms of client and practice risk.

We are a Top 100 SMSF Audit Firm and our philosophy is as follows:

  • On-Shore – All audits completed in Australia. No off-shoring.
  • Truly Independent – Audit Firm only. We do not provide accounting or tax services. We do not operate as part of larger network or have any affiliation with a network group.
  • Adhere to Service Standards – We are known for our excellent turnaround times and responding to client requests for assistance in a timely manner. Service Standards is our key KPI.
  • Assist clients in providing solutions – We derive satisfaction in assisting clients and facilitating solutions for those superfunds that have issues from time to time.
  • Technical Excellence – There are three people in the firm with over twenty years each experience in SMSF Audit and Administration.
  • Second Tier SMSF Audit Firm – We wish to be fully engaged with all our clients as well as provide benefits of scale.
  • Technology – Our firm uses on-line audit software which facilitates the flow of information from our clients. We are proficient in Class Super (Class Audit Partner), BGL 360 and Supermate.

Our firm has been auditing self managed superannuation funds since 1999. We are registered with ASIC (two registered SMSF Auditors in the practice) and are members of the SMSF Association. We have the Auditor and Advisor designations.

We provide SMSF independent audit services for accounting firms, financial planning and self managed superannuation fund administrators. We are happy to provide references/testimonials upon request.