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Qualified Audit Report

When we conduct an audit, the last thing we want for a Fund is to have a qualified audit report.

We try to prevent this by providing guidance for documents required in the form of an audit checklist. We also communicate with the Trustees regarding potential contraventions in the Funds and we provide a management letter during the audit process with ample time given to the Trustees to resolve the issues raised. However, if all that fails, our last resort is to issue a qualified audit report.

For an example of a qualified audit report, please click on the button below:

As all breaches need to be reported to the ATO, if required we will need to lodge an Audit Contravention Report to the ATO. For more information on the Audit Contravention Report, please click on the button below:

The Tax Office have recently reviewed and updated the Auditor/Actuary Contravention Report form. The form displays all necessary information needed to lodge a Contravention Report. The form below cannot be downloaded and used as the ATO have implemented Unique Identifiers on all paper forms for the NAT 11239. Please click on the button below to see the Auditor/Actuary Contravention Report form:

The Tax Office may contact the Trustees directly to discuss the reported breaches and possible rectifications measures that the Trustees need to complete. If no steps are taken by the Trustees to rectify the potential breaches, the ATO may impose further penalties and conditions on the SMSF. Trustees need to ensure that their Funds comply with the ATO regulations.

Our objective is to issue unqualified audit reports. We therefore work closely with Trustees to resolve potential issues. To engage us, please click on the button below:

Covid-19 Effect on Audits

Due to Covid-19, the ATO have articulated that if Trustees are unable to provide the required material or sufficient information to the Appointed Auditor they will take a lenient approach toward any contraventions that may have been reported.

For further guidance relating to the ATO and Auditor Contravention Reports during Covid-19, please see the below tab for a Self-Managed Super Magazine Auditor discussion.

Engage us for an Audit

For further guidance on engaging us to complete an Audit, please see here.

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