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Jason G

May 01, 2024

Trustees Have Not Obtained an Actuary Certificate

in SMSF Technical Forum

I am auditing a fund that should have obtained an actuarial certificate to calculate tax.

They have not obtained a certificate.

In my calculations, the effect is immaterial from a financial audit perspective. I would still raise the issue in the management letter.

However, would this be a S35c(2) breach for not providing the auditor with the necessary documents to conduct the audit? Or not, because technically no such document exists to provide in the first place?

Thank you

1 comment

Comments (1)

THE AUDITORS INSTITUTE

May 02, 2024

Hi Jason

I have not come across this before. My view is that it is a required document of the audit so section 35C(2) would be qualified on if not provided. I assume some auditors may argue it is not a required document.

Perhaps if the trustee is aware that you will qualify they will provide the actuarial certificate.

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

Thanks

The Auditors Institute