Its seems many in the industry are not amused at a sudden decision (pending) to push SMSF Audit out to once every three years.
The questions raised is simply does this mean SMSF Auditors can still charge the same fee times 3 or is it they have just taken two thirds of the value off the business that has had many people invest their hard earned money and more valuable, time, without consulting the people who have maintained the Audit flow to date.
SMSF Auditors from one man bands through to larger SMSF focused firms are undoubtedly concerned as this changes their industry completely and will surely see a consolidation as cashflow challenges come into play. This added with the constant push from technology, offshore teams and the ATO to streamline definitely puts pressure on this business model, valuations too.
Watch this space !
