Tag Archives: Audit

Why do we need to do a bank confirmation?

Trustees often do not understand why the auditor asks for a bank confirmation. The auditor must follow auditing guidelines and meet auditing standards. They must also comply with superannuation legislation.

The auditor can place greater reliance on evidence obtained directly from a third party  according to auditing guidelines.

What happens if minimum pensions are not paid?

When a members account is in pension phase, there is no tax payable on investment earnings and capital gains. To enjoy this advantage, there are rules which must be followed.There is a minimum and possibly a maximum pension which must be paid, depending on the members age and account balance.

If these requirements are not met then the SMSF auditor may have to report to the ATO. This may then mean that the ATO considers that the fund is not in pension phase and therefore taxable.

As with all matters regarding the super fund, it is most important that that any breaches be addressed and rectified as soon as possible. Discussion with the auditor will greatly assist this process.

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Paperless audits?

Do you want to scan and email, scan and send a disk of the information required for the audit.

We can assist in these functions even if you have never delved into the ‘paperless’ world before.

Are you undertaking the accounting and audit functions

If you are undertaking the accounting and audit functions for your Self Managed Superannuation Funds, now is the time to think about the independence issue.  Mention was made in the Cooper Review that it is not possible to have both these functions performed within the same firm.