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Does an SMSF auditor engagement letter have now to provide the particular and intimate details of the auditor's reliance upon and/or utilization of the audit tool available via SMSFAA ?
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Hi Michael
I understand your query relates to audit software that you are using.
APES 305 Terms of Engagement at 3.7 states re Cloud Computing:
"Where a Member in Public Practice will utilise Cloud Computing in the provision of Professional Services to a Client which is not an Outsourced Service,the Member in Public Practice should document and communicate to the Client the details of the Cloud Computing provider, the geographical location of where the Cloud Computing will be provided and how the Client’s confidential information will be stored."
If the auditor uses cloud computing in the provision of their audit then yes it should be referred to in the audit engagement letter. Further if the software that is used is not cloud based but if disrupted it could materially impact on the work that you perform then it should also be referred to in the audit engagement letter.
Thanks
SMSF AAA