THE AUDITORS INSTITUTE | FORUM

Archived Forums

When you become a member of The Auditors Institute, you immediately gain access to expertise, advocacy for your profession and peace of mind.

Ask a question in our members-only forum or use the search function to find prior technical discussions on your topic. You can expect a response within 24-48hrs.

Want to become a Member?

Join Now

Already a Member?

Disclaimer

The forum is made available by The Auditors Institute Ltd for the benefit of it’s members only, and its primary purpose is to facilitate education, training, and discussion between members. The information and answers provided within the forum are of a general nature and do not consider any specific circumstances, objectives, financial situation or needs related to the matter/s raised. The responses should not be construed as financial advice, and each Member should seek their own professional advice before making any decisions. The Auditors Institute Ltd and its representatives are not responsible for any actions taken based on the information provided in the forum.

To test this feature, visit your live site.

Stephen Chiang

Jun 16, 2023

Auditors Independence

in SMSF Technical Forum

I have just completed 6 years of audit of a SMSF as one engagement. The fund has many contraventions to the extent that the fund should be wound up via voluntary disclosure. I have recommended this approach via the management letter to the trustee. The accountant is inexperienced with this issue and seeks assistance. Can I advise and invoice the Fund for professional services on this process instead of going through the accountant? The accountant will still compile the final financials for the fund and I will sign off the auditors report.

Will I be in breach of the Auditors Independence requirements?

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Jun 19, 2023

Hi Stephen

My view is that you should be able to complete this work and invoice the trustees for this (as long as the independence requirements are complied with).

That is on the basis that you do not take on any management responsibility.

Your advice to the Trustees should be explaining their options to rectify the breaches.

Refer the independence guide for further details and 7.18 "Examples – Provision of Non-Assurance Services to Audit Clients".

https://apesb.org.au/uploads/home/27052020043807_APESB_Independence_Guide_May_2020.pdf

Thanks

SMSF AAA