653 paragraphs found
ASAE 3100 requires the auditor’s report on compliance to be modified if, in the auditor’s judgement, material non-compliance with a requirement may exist. Consequently, the auditor determines whether any potential or actual contraventions of the SISA or …
In determining whether a contravention identified is material to the SMSF, and therefore whether a modification to the auditor’s report is warranted, the auditor uses professional …
Even if a contravention is reported in an ACR, it does not necessarily result in a modification to the auditor’s compliance report. The auditor, nevertheless, considers the contraventions which meet the reporting criteria specified in the ACR …
The circumstances which may result in a modification to the auditor’s compliance report are where: a limitation on the scope of the auditor’s work exists, due either to circumstances or a trustee imposing a restriction, which prevents the auditor from …
A qualified opinion is expressed as being ‘except for’ the matter to which the qualification relates when that matter is not as material or pervasive as to require an adverse or disclaimer of …
Section 35B of the SISA requires the preparation of “accounts and statements,” expanded by Part 8 of the SISR. For a detailed discussion, refer to Trustee Responsibilities paragraphs 14 to 18 of this Guidance …
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 …