We have detailed below documents required to have an efficient and quick audit.
Initial fund engagement
An auditor needs to review the funds permanent documents. This includes the following documents:-
- The original Trust Deed, and any amendments/upgrades to the deed.
- Signed member applications, Signed trustee consent to act. Signed ATO Trustee Declarations for all trustees and directors appointed after 1 July 2007.
- Minutes of Trustee meetings held during the year.
- Signed investment strategy
- Signed audit engagement letter
For first year appointments we require copies of prior year's:
- Signed audited financial reports and member statements
- Signed audit report
- Tax return
- Audit management letter and any contravention reports or correspondence from the ATO
- Final Financial Statements – Statement of financial position, Operating Statement, Notes to the accounts and member statements for each member.
- 2015 Fund tax return
- Investment income & movement reports, statement of taxable income and deferred tax reconciliation
- Trial Balance and General Ledger
Note for an audit to be completed we require signed copies of minutes, audit rep letter, and financial statements.
An auditor will need to confirm the financials against source documents
- Bank statements for financial year
- Bank statements for July/August
- Copies of term deposits
- Documentation confirming sundry debtors/creditors
- For listed investments details of fund HIN's/SRN's holding name and postcode to facilitate online confirmations. Dividend statements.
- Purchase & Sales contracts of listed investments
- For unit trusts and managed investments respective statements, and tax reports.
Our next article will detail further information for funds that hold direct property, unlisted companies and trusts,