653 paragraphs found
The specific criteria and corresponding provisions of the SISA and SISR, which are required to be reported on in the auditor’s report and the ACR under each of these categories, are listed in Table 1 below. From time to time, the SISA, SISR and the …
The auditor may use a checklist as an aid in conducting and documenting the compliance engagement. Standardised checklists are available from a number of professional organisations. Auditors verify the completeness of any compliance checklist they use to …
In auditing the SMSF’s compliance with the requirements regarding establishment and operation of the SMSF, the auditor conducts testing to determine that: the SMSF meets the definition of a SMSF; the trustees are not disqualified persons; the SMSF’s …
A corporate trustee is disqualified if: a responsible officer is a disqualified person; or the company is in receivership, administration, provisional liquidation or has begun winding-up …
Ordinarily, the auditor verifies that the trustees are not disqualified by obtaining trustee representations to that effect. For new engagements, as well as periodically for continuing audits, the auditor seeks independent verification of the trustee …
In addition, ASIC provides details of persons disqualified from acting as corporate trustees. Auditors are able to search the banned and disqualified register on the ASIC website, for information about individuals who have been disqualified from …
During the course of the audit the auditor remains alert to circumstances which may indicate that a trustee may be technically disqualified, such as personal financial difficulties or a trustee’s involvement in legal proceedings. In this case, the auditor …
The SISA requires that the records be kept in the English language or a form that is readily convertible to English [141] and be kept in Australia (or another country if the Regulator gives approval for the records to be kept in another country). …
The auditor may request that the trustees provide documents required to conduct the audit. If trustees fail to provide the documents required within the specified time period, this is a compliance breach which, if material, should result in a qualified …
Ordinarily, the investment strategy is documented in writing and the auditor assesses that the trustees have properly considered all the circumstances of the SMSF, however the auditor is not required to assess whether the investment strategy is adequate …