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Sandeep Dheer

Feb 01, 2024

Trust Deed

in SMSF Technical Forum

Hi Team,

I am auditing a fund where trust deed is not provided and accountant advised that " Trustee is very sick for the past 3-4 years and because of his health, accessing historical information such as trust deeds etc is pretty well impossible at the moment ". He only provided me with details of associates from ATO portal. Should I qualify the audit? Is it a reportable contravention?.

Also they provided Morgans statement where bank transactions are listed again accountant is saying that banks statement can not be provided due to health issue. Can i rely on the bank transactions listed on the Morgan statement or should i qualify the report?

Regards

3 comments

Comments (3)

THE AUDITORS INSTITUTE

Feb 04, 2024

Hi Sandeep

Re the trust deed this needs to be obtained as part of the audit. Arguably if the trustee is to sick to provide paperwork such as a trust deed they should look at being replaced as trustee or wind up the Fund.

Section 35C(2) of SIS requires that:

"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."

If the trust deed is not provided section 35C(2) should be qualified on and an auditor contravention report (ACR) be lodged.

In relation to the bank statements a broker report is a form of audit evidence. The broker report should be sent direct from the broker to the auditor.

Thanks

The Auditors Institute

THE AUDITORS INSTITUTE

Feb 05, 2024

Replying to

Hi Sandeep

My view is you would just qualify on Section 35C(2) of SIS if no trust deed can be supplied.

Without the trust deed you should be able to test whether the Fund has complied with Section 17A & 62 of SIS.

If other forum members have a differing view please let the forum know.

Thanks

The Auditors Institute