Hi team,
I am engaged to audit single member fund for FY 21 where funds were rollover in to SMSF, however trustee were not able to provide rollover benefit statement. So as an auditor i am not able to confirm what part of the rollover is either tax free or taxed (or untaxed). This may lead to a Part A financial audit report qualification. Could you please advise if i need to qualify Part B as well if yes which sec/reg do i need to qualify?
Regards
Hi Sandeep
You could qualify on SIS section 35C(2) that requires per the audit report:
"The trustees must provide the auditor with the necessary documents to complete the audit in
a timely and professional manner; and within 14 days of a written request from the auditor".
The member should be able to get a copy of the rollover statement from the Fund that rolled over the amount. You could argue how do you even know it is for the single member without a rollover statement.
If any other forum members have a view on this please let the forum know.
Regards
The Auditors Institute