.png)
What are the audit consequences if trustees are not able to provide a copy of membership applications? Is it an issue if the person became a member more than 10 years ago?
top of page
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.
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.
bottom of page
Hi Lacey
From an audit perspective in relation to what the auditor should review in respect of paperwork for the members and trustees I note:
SIS section 104 - "trustees must keep up to date records of all trustee or director of corporate trustee changes and trustee consents for a minimum of 10 years"
SIS section 104A - "trustees who became a trustee on or after 1 July 2007 must sign and retain a trustee declaration"
Based on the above the auditor's focus should be on obtaining a copy of the trustee consents and the section 104A ATO declaration.
My view is that based on the above it will not be an audit issue if the trustees cannot locate the membership applications.
If there are other views from members that would be great to hear.
Thanks
SMSF AAA