10. Superannuation Compliance
Where the Services include the provision of superannuation compliance for a particular year end, you agree that the following clauses apply:
10.1. The annual audit of the financial reports and records of the super fund must be carried out during and after the end of each year of income. Our audit will be conducted pursuant to SISA.
10.2. In respect of any financial audit:
(a) The financial audit involves our performing audit procedures to obtain audit evidence about the amounts and disclosures in the financial report. It also includes our evaluating the appropriateness of the financial reporting framework, accounting policies used and the reasonableness of accounting estimates made by the trustees, as well as the overall presentation of the financial report;
10.2.1. You acknowledge and agree that due to the nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, there is an unavoidable risk that even some material misstatements may remain undiscovered by us;
10.2.2. We will advise you of any material weaknesses in the super fund’s system of accounting and internal controls that come to our attention during our audit;
10.2.3. We will conduct our financial audit in accordance with the Australian Auditing Standards.
10.3. In respect of any compliance audit:
10.3.1. The compliance audit involves our performing audit procedures to obtain audit evidence about the super fund’s compliance with the provisions of the SISA and SISR specified in the ATO’s approved form of auditor’s report;
10.3.2. Our compliance audit with respect to investments includes determining whether the investments are made for the sole purpose of funding members’ retirement, death or disability benefits and whether you have an investment strategy for the fund, which gives due consideration to risk, return, liquidity and diversification;
10.3.3. Our audit procedures will include testing whether the investments are made for the allowable purposes in accordance with the investment strategy, but not for the purpose of assessing the appropriateness of those investments to the members;
10.3.4. We will conduct our compliance audit in accordance with applicable Standards on Assurance Engagements, issued by the Auditing and Assurance Standards Board.
10.4. You acknowledge and agree that trustees of super funds have responsibilities to ensure that the super fund, at all times, complies with the SISA and SISR as well as any other legislation relevant to the fund. These responsibilities are not ours.
10.5. The trustees are also responsible for the preparation and fair presentation of the financial report. Accordingly, we will request from the trustees for the super fund written confirmation concerning representations made to us in connection with the audit.
10.6. We will advise you in writing, if during the course of, or in connection with, our audit, we become aware of any contravention of the SISA or SISR which we believe has occurred is occurring or may occur. We will also notify the ATO of such contravention if required.
10.7. We will advise you and the ATO in writing if we believe the financial position of the super fund may be, or may be about to become, unsatisfactory.
10.8. You should not assume that any matters reported to you, or that a report that there are no matters to be communicated, indicates that there are no additional matters, or matters that you should be aware of in meeting your responsibilities.
10.9. We confirm that, to the best of our knowledge and belief, we meet the current independence requirements of the Code of Ethics for Professional Accountants, as issued by the Accounting Professional and Ethical Standards Board in relation to the audit of the fund. We will advise you in the event we become aware that we have contravened these independence requirements.
10.10. Our audit report is prepared for the members of the super fund only. We are not liable in any respect in relation to any report provided in respect of the fund to any party other than the members of the fund or for any purpose other than that for which it was prepared.