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Brent Connor

May 01, 2024

PY unaudited financials

in SMSF Technical Forum

I have an accountant who has taken on a new fund and have completed the 2023 work.

The new accountant contacted the 2022 auditor to obtain the 2022 audit report and management letter, however the auditor has represented that the former accountant has misused his SAN since 2019 and the last audit report issued by him was the FY2019, however all ITR have been lodged up to 2022.

Am I just required to qualify the 2023 Part A audit report in respect to the opening balances, or are the trustees required to have the fund audited for 20, 21 and 22?

I have not yet been engaged to completed the work.

1 comment

Comments (1)

THE AUDITORS INSTITUTE

May 02, 2024

Hi Brent

The trustees are required to get their Fund audited each year. Yes the trustees should get the audits done for the years not audited.

Section 35C(1) of SIS requires that:

"For each year of income, each trustee of a superannuation entity that is a self managed superannuation fund must ensure that an approved SMSF auditor is appointed to give the trustee or trustees a report, in the approved form, of the operations of the entity for that year. The appointment must be made within whichever of the periods set out in the regulations applies to the entity."

Thanks

The Auditors Institute