HI,
Looking to check my own thinking.
A funds 2021 audit report was Part B Qualified with no ACR due to a member accidentally withdrawing $2,993 (1 transaction- wrong bank account) for personal use during the 2021FY year. The amount is recorded as a sundry debtor.
No further withdrawals/errors are made during the 2022FY year. The outstanding amount is returned in full on the 15th May 2022.
Is a Part B Qualification Still Required for the 2022 audit?
Is an ACR required for the 2022 audit?
Toby
Hi Toby
Possibly the auditor qualified Part B in 2021 audit but did not lodge an ACR due to the breach being under $30,000 and less than 5% of Fund assets. There may also be an argument that Part B does not need to be qualified if the breach is not considered to be a material breach.
Normally if a breach that has been reported in an ACR has been rectified there is no requirement to report it again (on the basis that the ATO was advised in an ACR that it had been rectified).
The ACR reporting requirements can be found at:
Thanks
SMSF AAA