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Sept 2020 I audited 2018 accounts - four managed funds were in the name of the 2 members as trustees for the super fund rather than the corporate trustee. A contravention notice was prepared and lodged. The fund corrected the situation in October 2020. Now in Feb 2021 I am auditing the 2019 & 2020 years. The same issue occurs should I raise the contravention notices in 2019 year & 2020 year for the same four managed fund? In the 2018 contravention noticed I advised that it was rectified in 2020.
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Hi Peter, the audit contravention report instructions (refer Test 4) state that an auditor only needs to report a contravention that was reported from a prior year for the current year being audited if it has not rectified at the time of the audit. That is as you reported it before in the contravention report and it has been rectified you do not need to report it again.
Thanks
SMSF AAA