I received this email from one of the accountants - what am I supposed to say here?
I have a new SMSF client who needs to amend their tax return for the 2021 financial year as the contributions were not correctly allocated and the ATO has contacted the client regarding this.
My client does not have a copy of the tax returns or financial statements. They were using e superfund. The client is not able to contact them for a copy.
I have tried to contact the accountant and auditor but have not been unable to.
I have downloaded the tax return from the ATO. I have started working on the tax returns as if I am doing from scratch and matching with the documents provided by the client and the ATO.
I have also downloaded the 2020 tax return copy from the ATO. The Client has provided all the source documentation.
I would like to know are you able to do the audit based on the above scenario? Please advise.
This means that there will be no previous year financials or audit reports or original financials and audit reports for the year of amendment ...
Thanks any feedback would be greatly appreciated.
Hi David
My view is that you can do the audit but I would issue a Part A qualification in relation to the opening balances.
I assume the audit that you are doing will be re the 2021/22 year and that the accounts / ITR are being amended re the 2020/21 year. There is no requirement to do an audit re an amended set of accounts / ITR.
Thanks
The Auditors Institute