The superannuation fund is an adaptation made by the Government of Australia to motivate its citizens to accumulate funds that will provide them with a stream of income in their retirement years. The state does this by making it compulsory for employers to contribute superannuation on top of their employees’ salaries and wages. They also provide tax benefits for further encouragement.
If you have a superannuation fund, you need to know that it should have a mandatory audit done by an auditor accredited by the Australian Securities and Investment Commission. The audit will include a Financial Report Audit and a Compliance report audit.
Financial Report Audit
The following are the primary requirement to get a financial Report Audit:
● An audit engagement letter signed by the trustees
● Trustee representation letter which is signed
● Financial accounting reports, such as member statements, income statements, balance sheets, etc.
● Duly accomplished annual tax return
● Supporting documents
Compliance Audit Report
Here are the documents needed for the Compliance audit report
● A signed copy of pension documentation if it is in pension mode
● Permanent files copies
● Actuarial Certificate
● Life insurance certificate (if applicable)
● ASIC annual return if employers are acting fund trustees
Once the auditor receives the files mentioned above, they will proceed with their auditing task. If there are breaches, auditors will try their best to rectify the matter legally.
Final Word
When getting an auditor who will be in charge of auditing your superannuation fund, make sure that ASIC accredits them. You can check their legitimacy by going to the website and confirming their registration.
If you have more questions that are not covered by this article, kindly fill out our contact form or call us at 03 9885 9793.
We will help you and assist you with your superannuation fund concerns and enquiries.
