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Hi
Just wondering can the engagement letter be signed on the same date as financial statements, trustee representation letter and the management letter? Thanks
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In practice, the accountant will arrange signing by trustee once all necessary documentations are completed, including the engagement letter and the rep letter. The auditor then releases the auditors report and the management letter upon receipt of all signed doc. In respect of appointing the auditors for the upcoming year, BGL's annual resolution template includes the appointment.
Hi Dawood
ASA 210 (Agreeing the Terms of Audit Engagements) states that:
"It is in the interests of both the entity and the auditor, that the auditor sends an audit engagement letter before the commencement of the audit to help avoid misunderstandings with respect to the audit."
Preferably the audit engagement letter is signed prior to the audit being commenced.
SIS regulation 8.02A also requires that an auditor must be appointed 45 days prior to when their annual return is due.
Thanks
SMSF AAA