When you engage SuperEasy® for the Annual Accounting and Audit of your Self-Managed Superannuation Fund (SMSF) you consent to the terms of this engagement as per APES 110 Code of Ethics for professional accountants. SuperEasy® adheres to the independence standards by using a panel of independent auditors.
In accordance with Section 35C of the Superannuation Industry (Supervision) Act 1993 (SISA), we are required to give you a report, on the operations of the fund for each financial year for which we are appointed. More specifically, our report must include an opinion on the special purpose financial report of the fund, as well as the fund’s compliance with the following specific sections of SISA and the Superannuation Industry (Supervision) Regulations 1994 (SISR).
17A, 35A, 35B, 35C(2), 52(2)d, 52(2)e, 62, 65, 66, 67, 69-71E, 73-75, 80-85, 103, 104A, 109, 126K.
1.06(9A), 4.09, 5.03, 5.08, 6.17, 7.04, 13.12, 13.13, 13.14. Our procedures with respect to regulation 4.09 will include testing that you have an investment strategy and that you have given consideration to risk, return, liquidity and diversification and that the fund’s investments are made in line with that investment strategy. No opinion will be made on the appropriateness to the fund members. Our procedures do not include a review of the fund’s Annual Return, although we may peruse it to identify areas that require our close attention. Accordingly, no opinion will be given and no responsibility will be taken for inaccuracies in the Annual Return lodged.
Our audit will be conducted in accordance with the Australian Auditing Standards and with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), with the objective of providing an opinion on the items contained within the audit scope. Our audit of the financial report will be planned and conducted primarily to enable us to express our professional opinion as to whether the financial statements comply with Australian Accounting Standards and other Mandatory professional reporting requirements. However, if we encounter matters during the course of our audit that we believe should be brought to your attention, we will communicate these matters to you. The work undertaken by SuperEasy Pty Ltd to form an opinion is determined by judgment, in particular regarding the nature, timing and extent of the audit procedures for the gathering of audit evidence, and the drawing of conclusion based on the audit evidence gathered. In addition, there are inherent limitations in any audit, and these include the use of testing, the inherent limitations of any internal control structure, the possibility of collusion to commit fraud, and the fact that most audit evidence is persuasive rather than conclusive. As a result, our audit can only provide reasonable – not absolute – assurance that the financial statements are free from material misstatement. The report provided at the completion of the audit shall not be inferred or used for any purpose other than which it was specifically prepared for.
We direct your attention to the fact that it is the trustee’s responsibility for the maintenance of adequate accounting records and internal controls, the safeguarding of superannuation fund assets, the selection of accounting policies, the preparation of financial statements and returns, and compliance with SISA and SISR. In particular, we remind you that the trustee is responsible for the implementation and operation of accounting and internal control systems that are designed to prevent and detect fraud and error. As part of the audit process, SuperEasy Pty Ltd may request from you or your accountant, written confirmation concerning representations made to us in connection with the audit.
Trustees confirm, to the best of their knowledge and belief, that the following representations are made:
Sole Purpose of the FundThe Fund is maintained for the sole purpose of providing benefits for each member on their retirement, death, termination of employment or ill-health.
Trustees are not disqualifiedNo disqualified person acts as a director of the trustee company or as an individual trustee.
Investment StrategyThe investment strategy has been determined with due regard to risk, return, liquidity and diversity, and the asset of the Fund are in line with this strategy.
Accounting PoliciesAll of the significant accounting policies of the Fund are adequately described in the Financial Statements and Notes thereto. These policies are consistently applied unless specifically noted in the Financial Statements and Notes.
Fund Books and RecordsAll financial books, records and related data pertinent to the Fund, have been made available to the auditor, including minutes of the Trustees’ meetings, the Trust Deed, as amended and the Fund’s rules and regulations. Trustees acknowledge their responsibility for the design and implementation of internal controls to prevent and detect error, and there are no material transactions that have not been properly recorded in the accounting records underlying the financial report. There are no assets or liabilities of the Fund that have not been disclosed to the auditor or the Fund Administration Manager. The Financial Statements accurately disclose the full extent of the assets and liabilities of the Fund.
Trust Deed and Trustee's ResponsibilitiesThe Fund is being conducted in accordance with its Trust Deed and Rules. All Trust Deed amendments necessary for the Fund to comply with the SIS Act and other Federal and State Regulations applicable to superannuation funds, have been made in accordance with the requirements of those standards and regulations.
Fraud, Error and Non-ComplianceThere has been no:
a. Fraud, error or non-compliance with laws and regulations involving management who have a significant role in internal control;
b. Fraud, error or non-compliance with laws and regulations that could have a material effect on the financial report; and
c. Communications from regulatory agencies concerning non-compliance with, or deficiencies in, financial reporting practices that could have a material effect on the financial report.
There are no violations or possible violations of laws or regulations whose effects should be considered for disclosure in the financial report or as a basis for recording an expense. There have been no communications from any regulatory body concerning a contravention of the SIS Act, SIS Regulations and or the Corporations Act 2001, which has occurred, is occurring, or is about to occur. Trustee understand that the audit examination is made in accordance with Australian Auditing Standards on Assurance Engagement and is, therefore, designed primarily for the purpose of expressing an opinion on the financial report of the Fund taken as a whole, and on the compliance of the Fund with specified requirements of SIS Act and Regulations.
Under Section 129 of SISA, we are required to report to you in writing if during the course of our audit, we have become aware of any contravention of SISA or SISR which we believe has occurred. We are also required under Section 130 of SISA to report to you if we believe the fund may be, or be about to become, in an unsatisfactory financial position. Where the contravention is of such a nature that it meets the reporting criteria established by the Australian Taxation Office (ATO), then we are obliged to report the matter to the ATO by way of an Auditor Contravention Report.
Should there be any other matters arising from the audit that we believe should be brought to your attention, we will issue an Audit Management Letter. If there are no matters to be reported, we will not provide an Audit Management Letter.
Under the Section 130 BA of the SIS Act, SMSF auditors have to report to the regulator if the SMSF trustee attempts to influence, coerce or manipulate them by interfering with the proper conduct of the audit.
The information acquired by us in carrying out this audit is subject to strict confidentially requirements. We will not use any personal information obtained during the audit for any purpose other than for the purpose of conducting the audit. Documents forwarded to us should only be copies of the originals and therefore we will not return any documents to you unless specifically requested.
Our fees are based on a fixed fee arrangement that is inclusive of GST.
In circumstances where the fund has contravened the SISA or SISR, further work will be required. Where the contravention is of such a nature that an Auditor Contravention Report is required to be lodged, an additional fee of $350 will be charged. SuperEasy Pty Ltd reserves the right to charge this fee without consultations.
The Coronavirus (Covid-19) pandemic is expected to cause material decline in the market value of the fund investments. In respect to regulation 4.09 the trustees must have an investment strategy that gives consideration to risk, return, liquidity and diversification surrounding the uncertainty of the global markets during this time and the effects it will have on the value of the fund investments after the reporting date. Our procedures do not include a review of the fund’s Annual Return caused by the material decline in the market value of the fund investments due to the Covid-19, although we may peruse it to identify areas that require our close attention. Accordingly, no opinion will be given and no responsibility will be taken for inaccuracies in the Annual Return lodged.
DisclaimerSuperEasy®, nor its panel of independent auditors, accept any liability associated with the investment choices made by the trustees. The audits are conducted in accordance with the SIS Act and the Australian Taxation Office guidelines. SuperEasy® acknowledges that the investment choices of the SMSF trustees are the responsibility of the trustees and their financial advisors. Any issues associated with the compliance of any investments that a priory contradict the SIS Act and or Regulations are considered to be part of the audit, and as such will be reported and brought to the attention of the trustees either via the Management Letter or the Audit Contravention Report.
