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Umesh Manek

Oct 14, 2022

Term Deposit

in SMSF Technical Forum

I am auditing the fund for Fy2022. The superfund has invested majority of the funds in Multiple Term Deposits of Banks with maturity dates ranges from November 2022 to June 2023.

Considering we are completing audit in October 2022, what additional evidence/documents we can request from Trustees to confirm the existence of the Term Deposits.

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Oct 16, 2022

Hi Umesh

You could do a bank audit confirmation to confirm the term deposits existence at 30 June 2022.

Refer:

Most auditors in my view would normally rely on the term deposit confirmation / advice when the money was originally invested. I agree this is not the best form of evidence as it does not prove that the term deposit still exists at 30 June 2022.

Another approach maybe to request that the trustees get the bank to confirm the term deposit balances as at 30 June 2022 direct to the auditor.

It would be great to get other members view as to how they approach the audit of term deposits.

Thanks

SMSF AAA