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.

Sze Wai Yu

Mar 30, 2021

Lost Trust Deed

in SMSF Technical Forum

I’m auditing a fund for couple years and the current accountant advised that the trustee cannot locate the trust deed. The previous accountant was only supplied the trustee the signing pages. As advised the trustee have tried many attempts to try to get a copy of fully executed trust deed but unsuccessful. Should I qualify the audit? Is it a reportable contravention? How can the trustee rectify this? The trustee has an i

Thanks in advance!

2 answers0 replies

Comments (2)

Sze Wai Yu

Mar 31, 2021

Thanks. Much appreciated

THE AUDITORS INSTITUTE

Mar 30, 2021

Hi Sze

Thanks, legal providers can provide a replacement trust deed when it is lost. As an example Topdocs offer a SMSF lost trust deed from $467. DBA Lawyers can also assist with a replacement trust deed.

Arguably if no trust deed can be located the auditor cannot sign off on section 62 of SIS where the auditor would normally check that the deed has been established to meet the sole purpose test.

The audit report states:

"My procedures with respect to section 62 included testing that the fund trust deed establishes the fund solely for the provision of retirement

benefits for fund members or their dependants in the case of the member's death before retirement".

Based on the above the audit report should be qualified re a lost deed and an audit contravention report should be lodged. If a replacement trust deed was obtained there would be no reason to qualify the audit report or lodge an ACR.

Thanks

SMSF AAA