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toby

Oct 26, 2022

RE-AUDIT OF PREVIOUS YEAR ACCOUNTS

in SMSF Technical Forum

Hi All,

I frequently get the question, from clients who wish to lodge amendments to previously lodged tax returns, whether a re-audit and a new audit report is required before an amendment can be lodged.

My understanding is the legislation is silent on this issue? Therefore one is not required?

Toby

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Oct 27, 2022

Hi Toby

Yes I agree there is nothing in SIS that I am aware of that requires a re-audit if the financial statements or annual return have been amended.

Yes my view is that a re-audit is normally not required in relation to financial statements or annual return where they have been amended after the audit report has been signed.

The auditor is technically not auditing the annual return so any amendments to it would not by itself require a re-audit.

There is an audit standard AUS706 "Subsequent events" that does give guidance to the auditor re amended financial statements.

My view is that it would be appropriate to issue a new audit report if there was a material change in amended financial statements.

If other members have a view please let the forum know.

Thanks

SMSF AAA