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GS007 (Type 2 Controls Report) In conducting a 2020 audit the trustees have passed to us an advice from FIIG Securities Limited (FIIG) notifying that they have not conducted a GS007 for the 2020FY (one was completed in 2019) with COVID19 being used as one of the excuses. FIIG has indicated that a GS007 report will be available in September 2021 (albeit the excuses they had for 2020 would still apply now). Do you have any precedents in this regard and have any suggestions for a course of action re signing off the 2020 audit. Thanking you in advance.
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Hi Grant
Per FIIG's website:
"A GS007 audit is performed by KPMG, usually on an annual basis, ensuring an independent review of FIIG’s Custodial Service. The GS007 audit report is made available to FIIG’s clients upon request."
I have not come across this before. My suggestion would be at a minimum to raise it as a management letter point to the trustee re the 2020 audit. You could further request that the trustees provide the 30 June 2021 FIIG investment report along with the GST007 audit report in September 2021 once it is available.
Thanks
SMSF AAA