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- Late Amendments to Audit Reports for Superannuation Funds
Late Amendments to Audit Reports for Superannuation Funds
- By Rob Mackay
- Published 15/07/2009
- July 2009
- Unrated
Subsequent to publication of the 2009 edition of XYZ, both APRA and the ATO have revised their pro-forma audit reports which will affect reporting at 30 June 2009.
APRA has revised the audit reports for reporting and non-reporting superannuation funds for reporting periods commencing on or after 1 July 2008.
These reports contain some minor differences from those published in the 2009 XYZ Model Financial Accounts. The following paragraph should be added under the Auditor’s responsibility section of “(B) Compliance” in Chapters 16~3980, 16~4430 and 16~4930.
(e) complied with the requirements of Section 155(2) of the SIS Act in that the trustee has appropriate processes in place to identify and resolve s. 155 cases, and has adhered to those processes in determining issue and redemption prices for the year ended 30 June 2009.
These amendments reflect changes made to the SIS Act.
The requirements of section 155(2) relate to unit pricing and the requirement for trustees to issue or redeem an interest at a price that is fair and reasonable. The trustee must have processes in place to determine appropriate unit prices and to identify and resolve pricing errors should they occur. The audit of SIS compliance now incorporates a review of the unit pricing processes to determine fair and reasonable unit prices and that the process has been adhered to. The ATO has also revised the Self-Managed Super Fund Independent Audit Reports for the year ended 30 June 2009.
These reports also contain some minor differences from those published in the 2009 XYZ Model Financial Accounts. The following amendments should be made under the Auditor’s responsibility section of “Part B Compliance” to Chapter 16~3430:
APRA has revised the audit reports for reporting and non-reporting superannuation funds for reporting periods commencing on or after 1 July 2008.
These reports contain some minor differences from those published in the 2009 XYZ Model Financial Accounts. The following paragraph should be added under the Auditor’s responsibility section of “(B) Compliance” in Chapters 16~3980, 16~4430 and 16~4930.
(e) complied with the requirements of Section 155(2) of the SIS Act in that the trustee has appropriate processes in place to identify and resolve s. 155 cases, and has adhered to those processes in determining issue and redemption prices for the year ended 30 June 2009.
These amendments reflect changes made to the SIS Act.
The requirements of section 155(2) relate to unit pricing and the requirement for trustees to issue or redeem an interest at a price that is fair and reasonable. The trustee must have processes in place to determine appropriate unit prices and to identify and resolve pricing errors should they occur. The audit of SIS compliance now incorporates a review of the unit pricing processes to determine fair and reasonable unit prices and that the process has been adhered to. The ATO has also revised the Self-Managed Super Fund Independent Audit Reports for the year ended 30 June 2009.
These reports also contain some minor differences from those published in the 2009 XYZ Model Financial Accounts. The following amendments should be made under the Auditor’s responsibility section of “Part B Compliance” to Chapter 16~3430:
- “My responsibility is to express an opinion on the trustee’s compliance based on the audit” should be replaced with “My responsibility is to express an opinion on the trustee’s compliance based on the compliance engagement”
- section 121 should be replaced by section 126K. Section 121 was repealed in May 2009.
- the ABN and Address of the Self-Managed Super Fund should also be included in the audit report.
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Article Series
This article is part 5 of a 5 part series. Other articles in this series are shown below:
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Late Amendments to Audit Reports for Superannuation Funds