The Auditors Report on the Compliance Plan Audit


Prior to issuing the auditor’s report on the compliance plan audit, the auditor seeks a written representation from the directors of the responsible entity which contains their assertions that the responsible entity has complied with the scheme’s compliance plan during the financial year, and that the plan continues to meet the requirements of Part 5C.4 of the Act.


Section 601HG(3) requires the auditor to give their auditor’s report to the current responsible entity, therefore the auditor’s report is addressed to the scheme’s responsible entity. In addition, section 601HG(7) requires the responsible entity to lodge the auditor’s report with ASIC at the same time as the financial statements and reports of the scheme are lodged with ASIC.


When reporting on the matters required by section 601HG(3), the auditor follows the requirements contained in ASAE 3100. If the auditor is required to modify the auditor’s report because of a material breach of the compliance plan or because of some ongoing material weakness in compliance measures, the auditor applies the requirements in ASAE 3100 when drafting the modified auditor’s report. Examples of auditor’s reports that may be appropriate for this type of engagement are included in Appendix 2 to this Guidance Statement.