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I have a new fund for audit as first year fund. When I requested a copy of SOA, found out the accountant set up the fund without SOA. What shall I do, as an auditor what's my take?
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Hi Ishwar
My view is that it is not the auditor's role to review a SOA re a Fund set up. There is nothing in the audit report that you sign off on that refers to having to review any SOA's.
If a SOA was required at establishment then this is an issue for the accountant rather than for the trustee. Your audit report is to the trustee.
It would be good to get other member's views if there are differing views.
I have seen examples where accountants have set up a Fund & the trustees have signed an "execution only" instruction. That is the trustees have requested that the accountant set up a Fund and that they do not require advice re the establishment.
Thanks
SMSF AAA