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Mark Baghdassarian

Jun 18, 2021

Signing of the Audit Engagement letter

in SMSF Technical Forum

When auditor and trustee(s) are agreeing to the terms of an audit engagement, I believe that a minimum of two trustees (or, if sole director of a corporate trustee, then one director) must sign an audit engagement letter for that initial audit engagement. Can you confirm this? Is there a resource / standard for this requirement anywhere?

In situations where its not met, which qualifications may be applicable?

2 answers0 replies

Comments (2)

Brian Johnson

Jun 30, 2021

I have a client that has two trustees the member and his daughter. The daughter is in the navy and is not always around. I believe the member (being a single member) undertakes all the decisions and transactions of the SMSF. Because the daughter is not always available I get him to sign documents (other than the accounts) as " Signed for and on behalf of the Trustees of the fund".