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I am auditing the fund first time, in the previous year it had a bank statement, which was closed in the year I do the audit. The bank statements for this year has not been provided and the transactions were recreated by the accountant and trustee. Do I qualify just part A or also part B?
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Thank you, I have not requested the bank statement as I was advised by the accountant that the bank account was closed and the members are unable to get it. Therefore I think this could be a qualification Part A.
Hi Joanna
If the bank statements have been requested by you as the auditor and have not been provided I would issue a Part A & Part B qualification.
Under section 35C(2) of SIS a trustee is required to give an auditor a document within 14 days of a written request (if relevant to your audit report). If a trustee contravenes this section they have committed an offence of strict liability (per SIS).
If the trustees understand that if they do not provide documentation to allow you to complete the audit then you will prepare a qualified audit report and lodge an ACR this will encourage them to provide the requested documentation.
If other members have a different view it would be great to get that view.
Thanks
SMSF AAA