655 paragraphs found
Funds maintaining investment reserves should consider the ongoing appropriateness of these reserves, as they are likely to attract regulator attention. If a SMSF still operates an investment reserve, allocation to members’ accounts should take into …
For contributions held in an unallocated contribution suspense account (formerly a contributions reserve), the auditor checks to ensure the amounts have been allocated to members’ accounts within 28 days after the end of the month in which the …
Allocations from other reserves will be classified as concessional contributions unless the allocation to member’s accounts is less than 5 per cent of the member’s opening balance in the year of the transfer and all members receive an …
An auditor ordinarily checks to ensure that fund income is accurately credited or debited to relevant members’ benefits in a way that is fair and reasonable. [219] The allocation should take into consideration all the members of the fund and the specific …
If the auditor, in the course of, or in connection with the audit of a SMSF, forms the opinion that the financial position of the SMSF may be, or may be about to become, unsatisfactory, the auditor is required to report to the ATO and to the trustees in …
Under the SISR, [220] the financial position of a SMSF is treated as unsatisfactory if, in the auditor’s opinion, for an accumulation fund, either the aggregate members’ benefits accounts exceed the value of the assets, or the accrued members’ benefits …
In the course of conducting the audit, the auditor may obtain information regarding the SMSF, a trustee or another auditor which the auditor considers may assist the ATO in performing its functions under the SISA or SISR. This information may relate to …
The auditor considers whether any regulatory information reported in the ACR under section 130A needs to be included in the auditor’s report on compliance, as the approved form auditor’s report allows for reporting on additional sections of the SISA and …
From 1 July 2019, a disclaimer has been included to clarify that, when an auditor provides information about a fund or trustee in Section G of the ACR, they are consenting to the disclosure of their identity to the SMSF trustee. If an auditor does not …
It may be impossible or impractical to obtain sufficient appropriate audit evidence of compliance with respect to the services provided, in which case either the auditor qualifies their opinion on the basis of a limitation of scope or issues a disclaimer …