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Jason G

Mar 04, 2024

Signed Financial Statement

in SMSF Technical Forum

Hi,

A set of financial statements usually contains a "trustee declaration" ratifying the financial statements.

I have received a new fund to audit that doesn't contain a "trustee declaration" page, but rather the sentence, "Approved by the trustees" and then signed by the required number of trustees, on the front cover of the financial statements report.

Is such a signing page sufficient to satisfy the requirement of the financial statements being signed per S35B?

Thank you.

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Mar 05, 2024

Hi Jason

Yes section 35B of SIS requires that that financial statements must be signed and be a statement of financial position and an operating statement.

It does not go into detail as to what format the signing of the accounts has to be.

It is best practice to prepare financial statements with a "trustees declaration" or statement signed by the trustees however if you have financial statements "approved by the trustees" that will comply with the requirements of section 35B of SIS.

Thanks

The Auditors Institute