Review of an SMSF audit engagement questionnaire

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1 Review of an SMSF audit engagement questionnaire

2 Introduction Instructions for the Reviewer This questionnaire has been designed to help you assess whether the audit of Self Managed Superannuation Funds (SMSFs) have been conducted in accordance with relevant professional standards and legislation. Non compliance with mandatory legislative requirements or professional standards is to be reported in the quality review report under the heading Reviewer s Summary Matters Leading To Assurance Recommendation/Matters Leading to Follow Up Recommendation. The questions in this questionnaire are to be answered as you review client files. Where there are two or more partners, separate questionnaires for each partner must be completed. Please note this questionnaire does not consider all requirements as specified in the Australian Auditing standards. Reviewers should refer to the Australian Auditing Standards for detail regarding all requirements in assessing whether audit and audit-related service engagements have been conducted in accordance with relevant professional standards. Given that audit-related services have generally represented the most significant breach area, the focus is on reviewing evidence, not just asking questions. Legend (Y) Yes Reviewer is satisfied with evidence sighted. (N) No Reviewer is not satisfied with evidence (or lack thereof) sighted and requires appropriate noting/recording. (N/A) Not applicable Review item is not applicable to file selected. (GPFR) General Purpose Financial Report A financial report prepared according to the general purpose framework which is intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of their information needs. (SPFR) Special Purpose Financial Report A financial report other than a general purpose financial report, which was prepared in accordance with a special purpose framework. Reporting Entity An entity (including an economic entity) in respect of which it is reasonable to expect the existence of users dependent on general purpose financial reports for information which will be useful to them for making and evaluating decisions about the allocation of scarce resources. Non-Reporting Entity An entity (including an economic entity) in respect of which there are no users dependent on general purpose financial reports for information which will be useful to them for making and evaluating decisions about the allocation of scarce resources. Privacy In this Privacy Statement, Personal Information has the same meaning as in the Privacy Act 1988 (Cth). CPA Australia Ltd is committed to protecting the privacy and security of the Personal Information which it holds about you. The Personal Information which you provide us with in this Questionnaire will be used by CPA Australia Ltd to process your Quality Review; and may be used for aggregated statistics for monitoring and research. This information may be viewed by the CPA Australia Board Quality Review Advisory Committee and also the Financial Reporting Council and any other Regulatory authority. If you do not provide us with this Personal Information, we may not be able to process your review. You have the right to access any Personal Information which CPA Australia Ltd holds about you, subject to the exceptions in the Privacy Act 1988 (Cth). You may also request the correction of information which is inaccurate. Access and/or correction requests can be made at your local CPA Australia office. For more information on CPA Australia s Privacy Policy, visit our website at cpaaustralia.com.au 2

3 Client Authority 1. Has permission been obtained from clients to review file? * Each client s authority must be obtained before reviewing their file. If insufficient files exist for which client permission has been provided, and accordingly you believe it not possible to form an opinion based on the small sample size, contact the Quality Assurance Department at CPA Australia. Australian Auditing Standards 2. Does the member have an audit program in place to ensure that all mandatory components of the Australian Auditing Standards are complied with?(asa 101.9) Note: Answering No to the above question, the member is in breach of ASA Quality Control 3. (a) Review evidence of whether the member has complied with the quality control requirements of ASQC 1 and APES 320 at the firm level with reference to the follow elements: (i) Leadership responsibilities for quality within the firm; (ii) Relevant ethical requirements; (iii) Acceptance and continuance of client relationships and specific engagements; (iv) Human resources; (v) Engagement performance; and (vi) Monitoring. Has the member established and maintained a system of quality control in accordance with these standards? (ASQC 1 and APES 320) Note: Answering No to the above question, the member is in breach of ASQC 1 and APES

4 (b) Has the member implemented quality control procedures at the engagement level that provide the member with reasonable assurance that: i) the audit complies with Australian Auditing Standards, relevant ethical requirements, and applicable legal and regulatory requirements; and ii) the member s report issued is in the ATO approved format? (ASA 220.6) Note: Answering No to the above question, the member is in breach of ASA Ethical Requirements and Auditor Independence 4. (a) Has the member complied with the APES 110 professional ethical requirements of: (a) integrity; (b) objectivity; (c) professional competence and due care (d) confidentiality; and (e) professional behaviour? (APES 110) Note: Answering No to the above question, the member is in breach of APES

5 (b) Review that the member identified, evaluated and treated threats to compliance with the fundamental principles of ethics. This includes establishing and maintaining a system such that the risks are identified, evaluated and treated. Where the threats associated with the activity could not be reduced to an acceptable level was the activity / engagement avoided? (ASA 102.5, ASA and APES 110) Note: Answering No to the above question, the member is in breach of ASA 102.5, ASA and APES 110. Competency Requirements 5. (a) Has the member completed a course in the audit of SMSFs that complies with the regulations relating to training and development of CPA Australia, prior to commencing in the area of SMSF audit? Yes No Note: Answering No to the above question, the member is in breach of competency requirements for auditors of SMSFs. 5

6 (b) Has the member completed at least 30 hours of relevant professional development activity in each rolling three year period, comprising the following as a minimum for each category, with the balance being made up from any of these categories as necessary: ++ 8 hours of superannuation training which need not deal only with the audits of SMSFs ++ 8 hours of financial statement or compliance audit trainaing ++ 4 hours of financial accounting training A maximum one third of the minimum 30 hours required may be unstructured. Yes No Note: Answering No to the above question, the member is in breach of competency requirements for auditors of SMSFs. (c) Where the member has other people undertaking work on their behalf has the member ensured the person(s) has appropriate knowledge and experience and that they are properly supervised in the conduct of the audit. Note: Answering No to the above question, the member is in breach of competency requirements for auditors of SMSFs. Audit Planning and Risk Assessment 6. (a) Does the file contain an audit strategy? (ASA 300.7) Note: Answering No to the above question, the member is in breach of ASA

7 (b) Does the audit strategy consider and contains evidence that the member has obtained: (a) a general understanding of the applicable financial reporting framework (e.g. Special Purpose); (ASA (a)) and (b) the legal and regulatory framework applicable to the entity? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (a) and / or ASA (c) Is the member s audit strategy designed to provide an understanding of whether the entity s selection and application of accounting policies are appropriate for its business (including their internal controls) and consistent with the applicable financial reporting framework and accounting policies used in the superannuation industry? (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and / or ASA

8 (d) Does the file contain an audit plan that includes, at a minimum, a description of the nature, timing and extent of planned risk assessment procedures as well as further audit procedures at the assertion level? (ASA 300.9) Note: Answering No to the above question, the member is in breach of ASA (e) Has the member performed the following risk assessment procedures to provide a basis for the identification and assessment of risks of material misstatement at the financial report and assertion levels: i) Inquiries of trustee(s); ii) Analytical procedures; and iii) Observation and inspection? (ASA and ASA 315.6) Note: Answering No to the above question, the member is in breach of ASA and ASA (f) Has the member demonstrated an understanding of control activities necessary to assess the risks of material misstatement at the assertion level and design further audit procedures responsive to assessed risks? Where applicable, have there been discussions within the team regarding the susceptibility of the financial reports to material misstatement? (ASA and ASA ) 8

9 Note: Answering No to the above question, the member is in breach of ASA and ASA (g) Has the member identified, assessed and documented the risks of material misstatement at the financial report level, and at the assertion level for classes of transactions, account balances, and disclosures to provide a basis for designing and performing further audit procedures? (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA (h) As part of the risk assessment, has the member determined whether any of the risks identified are, in the member s judgement, significant risks (i.e. risks requiring special audit consideration)? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

10 (i) Does the audit plan include evidence that the member has identified and assessed risks of material misstatement, whether due to fraud or error, based on an understanding of the entity and its environment? (ASA 200.7) Note: Answering No to the above question, the member is in breach of ASA (j) Is there evidence that, when obtaining an understanding of the entity and its environment, the member performed risk assessment procedures and related activities to obtain information for use in identifying and evaluating the risks of material misstatement due to fraud? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (k) In the instance where there was an engagement team performing the engagement did the audit plan outline the nature, timing and extent of direction and supervision of engagement team members and the review of their work? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

11 (l) Where the member used information obtained from previous experience with the entity and from previous audits, did the member determine whether changes had occurred since the previous audit that may have affected its relevance to the current audit? (ASA 315.9) Note: Answering No to the above question, the member is in breach of ASA (m) Has the member performed audit procedures and related activities to obtain information relevant to identifying the risks of material misstatement associated with related party relationships and transactions? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

12 (n) Is there evidence that the member remained alert, when inspecting records or documents, for arrangements or other information that may indicate the existence of related party relationships or transactions that the trustees have not previously identified or disclosed to the member? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (o) If expertise in a field other than accounting or auditing was necessary to obtain sufficient audit evidence, did the member consider using the work of an auditor s expert? (ASA 620.7) Note: Answering No to the above question, the member is in breach of ASA (p) In performing risk assessment procedures to understand the entity and its environment, has the member considered whether there are events or conditions that may cast significant doubt on the entity s ability to continue as a going concern? (ASA and SISA s130) Note: Answering No to the above question, the member is in breach of ASA and SISA s

13 (q) Is there evidence that the member has planned and performed the audit with professional scepticism and using professional judgement? (ASA and ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA and ASA (r) Where the member suspected that there may be non-compliance with laws and regulations, did the member: (i) discuss the matter with management and, where appropriate, those charged with governance (ii) receive sufficient information to support the entity s compliance, or evaluate the effect of the lack of sufficient appropriate audit evidence on the member s opinion? (iii) evaluate the implications of non-compliance in relation to other aspects of the audit and take appropriate action? (ASA , ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA , ASA and ASA

14 (s) Did the member communicate with those charged with governance: (i) the responsibilities of the member in relation to the audit? (ASA ) (ii) an overview of the planned scope and timing of the audit? (ASA ) Note: Answering No to the above question, the member is in breach of ASA and / or ASA Terms of audit engagement 7. (a) Does each file contain a written agreement agreeing on the terms of the engagement? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (b) Do the terms of the engagement identify the applicable financial reporting framework for the preparation of the financial report? (ASA (d)) Note: Answering No to the above question, the member is in breach of ASA (d). 14

15 (c) For recurring audits, when circumstances have arisen which would require the terms of the audit engagement to be revised, has the member reminded the entity of the existing terms of the audit engagement? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (d) Where the member agreed to a change in the terms of the audit engagement, was there a reasonable justification for doing so? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

16 Materiality 8. (a) Has the member determined materiality for the report as a whole, and if applicable classes of transactions, balances and disclosures? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (b) Has the member determined performance materiality for the purpose of assessing the risks of material misstatement and determining the nature, timing and extent of further audit procedures? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (c) Where management refused to correct some or all of the misstatements communicated by the member, did the member determine whether such uncorrected misstatements were material, individually or in aggregate? (ASA 450.9) Note: Answering No to the above question, the member is in breach of ASA

17 (d) Where management refused to correct some or all of the misstatements communicated by the member, did the member evaluate whether the financial report as a whole was free from material misstatement? (ASA ) Note: Answering No to the above question, the member is in breach of ASA Audit Sampling and Other Selective Testing Procedures 9. (a) Where required has the member designed and performed further audit procedures whose nature, timing, and extent are based on and are responsive to the assessed risks of material misstatement at the assertion level? (ASA 330.6) Note: Answering No to the above question, the member is in breach of ASA

18 (b) Has the member designed and performed tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls where: ++ the member s assessment of risks of material misstatement at the assertion level included an expectation that the controls were operating effectively; or ++ substantive procedures alone could not provide sufficient appropriate audit evidence at the assertion level? (ASA 330.8) Note: Answering No to the above question, the member is in breach of ASA (c) In the design of tests of control and tests of details, has the member determined means of selecting items for testing that are effective in meeting the purpose of the audit procedure? Examples include selecting all items, selecting specific items and audit sampling. (ASA ) Note: Answering No to the above question, the member is in breach of ASA (d) Has the member designed and performed appropriate substantive procedures for each material class of transactions, account balance, and disclosure? (ASA and ASA 520.5) Note: Answering No to the above question, the member is in breach of ASA and ASA

19 (e) Relating to the financial report closing process did the member s substantive procedures include: (a) agreeing or reconciling the financial report with the underlying accounting records; and (b) examining material journal entries and other adjustments made during the course of preparing the financial report? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (f) If the member has identified events or conditions that may cast significant doubt on the entity s ability to continue as a going concern, has the member obtained sufficient appropriate audit evidence to determine whether or not a material uncertainty exists through performing additional audit procedures, including consideration of mitigating factors? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

20 (g) When undertaking an audit sample, did the member: (i) determine a sample size sufficient to reduce sampling risk to an acceptably low level? (ii) select items for the sample in such a way that each sampling unit in the population had a chance of selection? (ASA and ASA 530.8) Note: Answering No to the above question, the member is in breach of ASA and ASA Audit Documentation 10. (a) Has the member documented discussions of significant matters with trustees, those charged with governance, and others, including the nature of the significant matters discussed and when and with whom the discussion took place? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (b) When information has been identified that is inconsistent with the member s final conclusion regarding a significant matter, has the member documented how the inconsistency was addressed? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

21 (c) Has the member prepared documentation that provides a sufficient and appropriate record of the basis for the auditor s report and evidence that the audit was planned and performed in accordance with Australian Auditing Standards and applicable legal and regulatory requirements? (ASA 230.5) Note: Answering No to the above question, the member is in breach of ASA (d) Has the member prepared audit documentation: (i) on a timely basis; and (ii) that is sufficient to enable an experienced auditor, having no previous connection with the audit, to understand: (a) the nature, timing and extent of the audit procedures performed to comply with the Australian Auditing Standards and applicable legal and regulatory requirements; (b) the results of the audit procedures performed, and the audit evidence obtained; and (c) significant matters arising during the audit, the conclusions reached thereon, and significant professional judgements made in reaching those conclusions? (ASA and ASA 230.8) Note: Answering No to the above question, the member is in breach of ASA and ASA

22 (e) In documenting the nature, timing and extent of audit procedures performed, has the member recorded: (a) the identifying characteristics of the specific items or matters tested; (b) who performed the audit work and the date such work was completed; and (c) who reviewed the audit work performed and the date and extent of such review? (ASA 230.9) Note: Answering No to the above question, the member is in breach of ASA (f) When existing audit documentation has been modified, or new audit documentation has been added after the assembly of the final audit file has been completed, has the member, regardless of the nature of the modifications or additions, documented: (a) the specific reasons for making them; and (b) when and by whom they were made and reviewed? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

23 (g) Has the member adopted appropriate procedures for maintaining the confidentiality, safe custody, integrity, accessibility and retrievability of the audit documentation and the needs of the practice in accordance with legal requirements of record retention? (ASA 230.Aus16.1) Note: Answering No to the above question, the member is in breach of ASA 230.Aus16.1. Audit Evidence 11. (a) Has the member considered whether external confirmation procedures are to be performed as substantive audit procedures? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

24 (b) Has the member designed and performed audit procedures in order to identify litigation and claims involving the entity which may give rise to a risk of material misstatement, including: ++ enquiry of trustees and, where applicable, others such as advisors; ++ reviewing the minutes of meetings of trustees and correspondence between the entity and the regulator and or legal counsel; and ++ reviewing legal expense accounts? (ASA 502.4) Note: Answering No to the above question, the member is in breach of ASA (c) For initial audit engagements, has the member obtained sufficient appropriate audit evidence about whether the opening balances contain misstatements that materially affect the current period s financial report?(asa 510.6) Note: Answering No to the above question, the member is in breach of ASA (d) Has the member obtained an understanding of the following in order to provide a basis for the identification and assessment of the risks of material misstatement for accounting estimates: (i) the requirements of the applicable financial reporting framework relevant to accounting estimates, including related disclosures; (ii) how trustees identify those transactions, events and conditions that may give rise to the need for accounting estimates to be recognised or disclosed in the financial report, and (iii) how trustees make the accounting estimates, and an understanding of the data on which they are based? (ASA 540.8) 24

25 Note: Answering No to the above question, the member is in breach of ASA (e) Has the member determined whether the financial report includes the comparative information required by the applicable financial reporting framework and whether such information is appropriately classified? (ASA 710.7) Note: Answering No to the above question, the member is in breach of ASA (f) Has the member obtained sufficient appropriate audit evidence about whether: ++ trustees decision to recognise, or to not recognise, the accounting estimates in the financial report; ++ the selected measurement basis for the accounting estimates, and ++ the disclosures in the financial report related to accounting estimates, are in accordance with the requirements of the applicable financial reporting framework? (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA

26 (g) Has the member obtained sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enable the member to draw reasonable conclusions on which to base their opinion? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (h) Has the member evaluated, based on the audit evidence, whether the accounting estimates in the financial report are either reasonable in the context of the applicable financial reporting framework, or are misstated? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

27 (i) If the member has used an expert, has the member evaluated: ++ whether the expert has the necessary competence, capabilities and objectivity for the member s purposes? ++ the adequacy of the expert s work for the member s purposes? (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA (j) Has the member communicated in writing any significant deficiencies in internal control identified during the audit to those charged with governance and, where appropriate, to management, on a timely basis? (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA (k) Has the member maintained control over external confirmation requests, ensuring that, among other things, return information for responses are sent directly to the member? (ASA 505.7) Note: Answering No to the above question, the member is in breach of ASA

28 (l) Has the member obtained an understanding of the services provided by a service organisation to the client, and has the member evaluated the design and implementation of the client s internal control relating to these services? For example if the fund has invested in a managed investment platform has the member obtained a copy of the internal audit for the fund. (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA Written representation 12. (a) Has the member obtained written representation from the trustee that the trustee(s) have fulfilled their responsibility for the preparation of the financial report in accordance with the applicable financial reporting framework, including where relevant their fair presentation, as set out in the terms of the audit engagement? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

29 (b) Has the member obtained written representation from the trustee that: (a) it has provided the member with all relevant information and access as agreed in the terms of the audit engagement; and (b) all transactions have been recorded and are reflected in the financial report? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (c) In the instance where the member determined that it was necessary to obtain one or more written representations to support other audit evidence relevant to the financial report or one or more specific assertions in the financial report, did the member request these written representations from the trustees? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (d) Has the member obtained written representation from the trustee that regarding its responsibility for the design, implementation and maintenance of internal control to prevent and detect fraud? (ASA (a)) Note: Answering Yes to the above question, the member is in breach of ASA (a). 29

30 (e) Has the member obtained written representation from the trustee that stating whether they have disclosed to the member the results of management s assessment of the risk that the financial report may be materially misstated as a result of fraud? (ASA (b)) Note: Answering No to the above question, the member is in breach of ASA (b). (f) Has the member obtained written representation from the trustee that stating whether they have disclosed to the member their knowledge of fraud, suspected fraud, or any allegations of fraud or suspected fraud, affecting the SMSF? (ASA (c) and (d)) Note: Answering No to the above question, the member is in breach of ASA (c) and (d). 30

31 (g) Has the member obtained written representation from the trustee that whether they believe significant assumptions used in making accounting estimates are reasonable? (ASA ) Note: Answering No to the above question, the member is in breach of ASA Auditor s report 13. (a) Where the financial report is prepared in accordance with a fair presentation framework, does the member s audit report refer to: ++ the entity s preparation and fair presentation of the financial report; or ++ the entity s preparation of the financial report that gives a true and fair view, as appropriate in the circumstances? (ASA ) Note: Answering No to the above question, the member is in breach of ASA (b) Has the member represented compliance with Australian Auditing Standards in the member s audit report in cases where he/ she has not complied fully with ALL of the Australian Auditing Standards relevant to the audit? (ASA ) Note: Answering Yes to the above question, the member is in breach of ASA

32 (c) When forming an opinion and reporting on a special purpose financial report, has the member applied the requirements in ASA 700 Forming an Opinion and Reporting on a Financial Report, including that the audit report states whether the member believes that the audit evidence is sufficient and appropriate to provide a basis for the member s opinion? (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA (d) Has the member communicated with those charged with governance: ++ the member s views about significant qualitative aspects of the entity s accounting practices; ++ significant difficulties, if any, encountered during the audit; ++ unless all of those charged with governance are involved in managing the entity: significant matters, if any, arising from the audit that were discussed, or subject to correspondence with management; and written representations the member is requesting; and ++ other matters, if any, arising from the audit that, in the member s professional judgement, are significant to the oversight of the financial reporting process? (ASA ) Note: Answering No to the above question, the member is in breach of ASA

33 (e) Where the member has identified a fraud or has obtained information that indicates that a fraud may exist, has the member communicated these matters on a timely basis to the trustees or, where applicable, to those charged with governance in order to inform those with primary responsibility for the prevention and detection of fraud of matters relevant to their responsibilities (ASA and ASA ) Note: Answering No to the above question, the member is in breach of ASA and ASA (f) When the financial report has been amended, has the member reviewed the steps taken by management to ensure that anyone in receipt of the previously issued financial report together with the auditor s report thereon is informed of the situation? (ASA (b)) Note: Answering No to the above question, the member is in breach of ASA (b). 33

34 (g) Did the member modify the opinion in the auditor s report when: ++ the member concluded that, based on the audit evidence obtained, the financial report as a whole was not free from material misstatement; or ++ the member was unable to obtain sufficient appropriate audit evidence to conclude that the financial report as a whole was free from material misstatement? (ASA 705.6) Note: Answering No to the above question, the member is in breach of ASA (h) Has the member included an Emphasis of Matter paragraph in the auditor s report when the member has obtained appropriate audit evidence of a matter that the member considers would be fundamental to user s understanding of the financial report when the matter is not materially misstated in the financial report (ASA 706.6) or when the matter is not presented or disclosed in the financial report (ASA 706.8)? (ASA and ASA 706.8) Note: Answering No to the above question, the member is in breach of ASA and ASA SIS Compliance 14. (a) Has the member reviewed the previous year s Audit Report, Management Letter and Audit Contravention Report (if applicable) for compliance breaches? 34

35 Note: Answering No to the above question should be listed in the other matters section of the Reviewer Report. (b) If a breach was identified in the prior year has the member verified if it has been rectified? Note: Answering No to the above question should be listed in the other matters section of the Reviewer Report. SIS Compliance Trust deed and SMSF structure 15. (a) Has the member obtained and reviewed copies of the executed trust deed and any subsequent amendments and or variations? Note: Answering No should be listed in the other matters section of the Reviewer Report. 35

36 (b) Where there are amendments has the member confirmed compliance with the original trust deed? Note: Answering No should be listed in the other matters section of the Reviewer Report (c) Where the SMSF trustees are individuals, has the member confirmed that there is a minimum of 2 and a maximum of 4 individual trustees? (s17a(2)(b) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a(2)(b) of the SIS Act. (d) Where the SMSF has a corporate trustee, has the member conducted an ASIC search to confirm all members are trustees? (s17a(1)(c) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a(1)(c) of the SIS Act. 36

37 (e) Where the SMSF s trustees are individuals sas the member confirmed that all trustees are members? (except for single member funds). (s17a(1)(b) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a(1)(b) of the SIS Act. (f) Has the member confirmed that the fund has fewer than five members? (s17a (1)(a) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a (1)(a) of the SIS Act. (g) Has the member confirmed that no member is an employee of another member, unless the members concerned are relatives? (s17a(e) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a(e) of the SIS Act. 37

38 (h) Has the member obtained evidence that no trustee receives any remuneration from the fund or from any person for any duties or services performed in relation to the fund? (s17a(1)(f)(g) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a(1)(f)(g) of the SIS Act. (i) Were any trustees operating in the capacity as a legal personal representative? If so, has the member verified that the applicable appointments, resignations and consents have been executed? (s17a(3) of the SIS Act) Note: Answering No to the above question, the member is in breach of s17a(3) of the SIS Act. (j) Where the SMSF has individual trustees, has the member confirmed the primary purpose stated in the trust deed is the provision of old age pensions? (s19 of the SIS Act) Note: Answering No to the above question, the member is in breach of s19 of the SIS Act. 38

39 (k) Has the member verified the fund is a regulated SMSF? (s19 of the SIS Act) Note: Answering No to the above question, the member is in breach of s19 of the SIS Act. (l) Has the member verified consents to Act as either individual trustees or directors of the corporate trustee? (s118 of the SIS Act) Note: Answering No to the above question, the member is in breach of s118 of the SIS Act. 39

40 (m) Has the member verified applications for membership of the SMSF? Note: Answering No should be noted in the other matters of the Reviewers Report. (n) For any individual trustees or directors of a corporate trustee appointed after 30 June 2007, has the member obtained an executed ATO trustee declaration completed within 21 days of becoming a trustee? (s104a of the SIS Act) Note: Answering No to the above question, the member is in breach of s104a of the SIS Act. (o) Has the member verified TFN and date of birth for members? (r7.04 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r7.04 of the SIS Regulations. 40

41 (p) Did the member verify that the trustee(s) was not a disqualified person? (This is often contained in the trustee representation letter). (s126k of the SIS Act) Note: Answering No to the above question, the member is in breach of s126k of the SIS Act. SIS Compliance Investment strategy 16. (a) Has the member verified a current investment strategy that gives effect to risk, diversification, liquidity and ability to discharge liabilities? (r4.09 of SIS Regulations) Note: Answering No to the above question, the member is in breach of r4.09 of SIS Regulations. 41

42 (b) Has the member verified compliance with the current investment strategy? If the SMSF is not complying with the current investment strategy has the member identified an acceptable reason (such as recent sale of property)? (r4.09 of SIS Regulations) Note: Answering No to the above question, the member is in breach of r4.09 of SIS Regulations. SIS Compliance Accounts and Records 17. (a) Do the financials include a statement of financial position, operating statement and notes to the financials? (s35b(1) of the SIS Act) Note: Answering No to the above question, the member is in breach of s35b(1) of the SIS Act. (b) Has the member verified that the trustees have maintained accounting records in the prescribed format for at least 5 years, or less if the fund is less than 5 years old? (s35a of the SIS Act) Note: Answering No to the above question, the member is in breach of s35a of the SIS Act. 42

43 (c) Has the member audited the financials in accordance with the notes? (Such a cash or accrual, cost or market value, compliance with any accounting standards contained in the notes). (s35b(2) of the SIS Act) Note: Answering No to the above question, the member is in breach of s35b(2) of the SIS Act. (d) Do the financials contain a trustee declaration signed by at least 2 trustees or directors of corporate trustee? (s35b(3) of the SIS Act) Note: Answering No to the above question, the member is in breach of s35b(3) of the SIS Act. 43

44 (e) Has the member confirmed that minutes of all trustee meetings have been kept and retained for a minimum of 10 years, or since the establishment of the fund if less than 10 years? (s103 of the SIS Act) Note: Answering No to the above question, the member is in breach of s103 of the SIS Act. SIS Compliance Verification 18. (a) Has the member verified the legal title of assets? (e.g. bank accounts, real property, shares, insurance policies). Note: Answering No Should be noted in the Other Matters section of the Reviewers Report. (b) Where the SMSF has a corporate trustee, did the member identify any assets held in the names of the members? (s52 (2)(d) of the SIS Act) Note: Answering No to the above question, the member is in breach of s52 (2)(d) of the SIS Act. 44

45 (c) Did the member verify that the trustees had not entered into any contract, or do anything else that would prevent or hinder the trustee in properly performing or exercising the trustee s functions and powers? (s52 (2)(e) of the SIS Act) Note: Answering No to the above question, the member is in breach of s52 (2)(e) of the SIS Act. (d) Has the member evaluated that the investments and expenses of the fund meet the sole purpose test? (e.g. golf memberships, non-arms length transactions). (S62 of the SIS Act) Note: Answering No to the above question, the member is in breach of S62 of the SIS Act. 45

46 (e) Has the member verified that monies have not been loaned to members or part 8 associates? (e.g. check sundry debtors and loans). (s65 of the SIS Act) Note: Answering No to the above question, the member is in breach of s65 of the SIS Act. (f) Has the member confirmed that any assets that were identified as being acquired from a related party of the fund were either: a. exempt asset such as business real property or listed shares; or b. acquired at market value (s66 of the SIS Act) Note: Answering No to the above question, the member is in breach of s66 of the SIS Act. (g) Has the member verified the fund has not borrowed money? s67 (e.g. sundry creditors, loans, checking bank statements for overdrawn amounts, bank audit certificates) (s67 of the SIS Act) Note: Answering No to the above question, the member is in breach of s67 of the SIS Act. 46

47 (h) Has the member confirmed all transactions of the fund have been conducted on arms length terms? (e.g. lease agreements, market rental, prompt payments and receipts) (s109 of the SIS Act) Note: Answering No to the above question, the member is in breach of s109 of the SIS Act. (i) Has the member verified that fund members minimum benefits have been maintained? (r5.08 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r5.08 of the SIS Regulations. 47

48 (j) If the fund received contributions during the financial year has the member verified that contributions were made in accordance with the conditions of acceptance and were actually received by the fund? (r7.04 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r7.04 of the SIS Regulations. (k) If the fund paid benefits during the financial year has the member verified that the payment was made in accordance with the SISA payment standards and the trust deed? (e.g. has a condition of release been met) (r6.17 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r6.17 of the SIS Regulations. (l) If the fund paid any pensions during the financial year has the member verified compliance with the minimum standards? (r1.06 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r1.06 of the SIS Regulations. 48

49 (m) Did the member obtain written representations where other evidence did not exist or to support other evidence? (r1.06 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r1.06 of the SIS Regulations. (n) To determine if there are any in house assets, did the member examine if any loans, investments and leases were made to related parties or related trusts? a. Did the member ascertain if the in-house assets 5% or less of the market value of fund assets? s69-71 b. Did the member identify in house assets subject to an exemption such as a pre 99 unit trust? s71 c. Did the member confirm confirmation of compliance with the in-house asset exemption? s71 (s69-71e, s73-75, and s80-85 of the SIS Act) Note: Answering No to the above question, the member is in breach of s69-71e, s73-75, and s80-85 of the SIS Act. 49

50 (o) Did the member confirm that the superannuation interests of a member or beneficiary had not been assigned? (r13.12 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of R13.12 of the SIS Regulations. (p) Has the member verified that no member benefits are subject to a charge? (r13.13 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r13.13 of the SIS Regulations. (q) Has the member verified the assets are not subject to a charge? (r13.14 of the SIS Regulations) Note: Answering No to the above question, the member is in breach of r13.14 of the SIS Regulations. 50

51 SIS Compliance Reporting obligations 19. (a) Were significant matters reported to the trustees, including fraud, material weaknesses in controls and SISA noncompliance? (s129 of the SIS Act) Note: Answering No to the above question, the member is in breach of s129 of the SIS Act. (b) Did the member evaluate the solvency of the fund? (s130 of the SIS Act) Note: Answering No should be included in the Other Matters section of the Report (c) Did the member report any relevant information including identified breaches to the regulator? (s130 of the SIS Act) Note: Answering No to the above question, the member is in breach of s130 of the SIS Act. 51

52 (d) Is the audit report dated after the date of the working papers including representations, declarations and bank audit certificates? Note: Answering No to the above question, relates to a breach. (e) Did the trustees reply to auditor requests within 14 days? (s35 of the SIS Act) Note: Answering No to the above question, the member is in breach of s35 of the SIS Act. 52

53 (f) Has the member implemented procedures to ensure any contravention of a reportable section or regulation of the SIS legislation has been reported to the ATO, using the prescribed form Auditor/Actuary Contravention Report? (s129 of the SIS Act) Note: Answering No to the above question, the member is in breach of s129 of the SIS Act. 53

54 Overall findings: Breaches of mandatory requirements identified: Positive feedback to be conveyed to the member(s) in the Reviewer s Summary Other Matters Report: Deficiencies in the quality control system that will be noted in the Reviewer s Summary Other Matters Report with suggestions for improvement: CPAH0256 MAR

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