Our Approach
Response
We aim to provide a highly professional service. As part of this service, you will receive a response within 24 hours.
Audit Evidence
Audit evidence is an important element of the audit review process.
Documents are requested to verify:
Assets:
are owned by the fund or held in trust for the benefit of the fund
valuations in the financial reports reflect current market valuation
Income from assets are received by the fund
Borrowings:
held match the rules included in the fund’s Trust Deed
are maintained as required to meet all current SISA and SISR
reflected correctly in the financial statements
Members Benefits:
are recorded in the accounts
payments of members benefits have met SISA, SISR and Trust Deed rules
Property
It is common for funds to invest in property. Where the fund owns the property directly or via a related Unit Trust/Company structure, documentation requested will usually include the current title extract, lease agreement, the rationale for current market valuation, and confirmation of insurance.
Bank Statements
Bank statements are requested to verify the end-of-year balance.
It is expected most trustees use a computerised system to record and report for the fund. These almost always include the use of bank and other direct data feeds however the use of data feeds does not remove the need for independent audit evidence.
Management Letter
Please read your Management Letter.
Each audit report is accompanied with a management letter. Auditors use this letter to communicate valuable and important information which is specific to your fund and your role as trustees.
Generally, the management letter is short however when an auditor is prompted to write a detailed letter it indicates the auditor has identified potential problems if the current trustee behaviours continue unchanged.
Audit Report
The audit report is signed and completed after all relevant signed documentation and evidence have been reviewed.
Where it is deemed material to include matters in the audit report it is expected the trustees will consider how to correct or change their behaviour or the situation.
Where specified sections of SISA and SISR have been breached an Auditor Contravention Report will be lodged with the ATO.
Auditor Contravention Report
An Auditor Contravention Report is necessary when a single or multiple material breach(es) of specific sections or regulations of SISA and SISR have occurred.
The Auditor Contravention Report (ACR) is completed and lodged with the ATO using online platforms.
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