24 paragraphs found
This Guidance Statement is issued on 12 August 2009 by the AUASB and replaces AGS 1052 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes which was issued in July …
The role of the compliance plan auditor under section 601HG(3) of the Act is to examine the scheme’s compliance plan and carry out an audit of the responsible entity’s compliance with the compliance plan for the financial year. Furthermore, the auditor of …
The compliance plan auditor considers how the responsible entity has satisfied itself that the scheme's compliance plan and the measures within it continue to be appropriate throughout the financial year. The Annexure to RG 132 provides general guidance …
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 …
The auditor considers materiality when: determining the nature, timing and extent of audit procedures; and evaluating the effect of identified compliance plan breaches or weaknesses in compliance …
There are also practical limitations in requiring an auditor to perform a continuous examination of the compliance plan, and form an opinion that the entity has complied at all times with the Act during the period covered by the compliance plan audit …
To further assist in the audit of the compliance plan, the auditor considers various matters when planning the audit, including: the scheme’s constitution; the Australian financial services licence held by the responsible entity and, in particular, any …
Materiality is addressed in the context of the responsible entity’s compliance objectives, which are developed having regard to the protection of the interests of scheme members as a whole. Materiality considerations are therefore viewed within the …
When evaluating the responsible entity’s adherence to the compliance plan and the ongoing adequacy of its measures, the auditor will need to obtain from management a copy of the plan and the detailed measures which it provides, together with a written …
Specific matters which are identified in section 601HA that are to be included in compliance plans include arrangements for: the identification and custody of scheme property; the operation and functions of the scheme’s compliance committee, where …