ASIC Class Order [CO 12/1687]
E. Forming an opinionE. Forming an opinion
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E. Forming an opinion
Tasks
E.1 Planning
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Financial report – identify the nature, timing and extent of audit procedures necessary to forming an opinion on the financial report.
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SIS Act compliance – identify the nature, timing and extent of audit procedures necessary to forming an opinion on the fund’s SIS Act compliance.
E.2 Evidence gathering
- Prepare a summary of the engagement findings relating to the financial report, as well as engagement findings relating to compliance matters.
E.3 Evidence evaluation
- Form an opinion on the financial report, as well as on SIS Act compliance, using the information gathered during the engagement.
E.4 Decision making
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Determine the appropriate form of auditor's report on the financial report.
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Determine the appropriate form of auditor’s report on compliance matters, and if any matters require reporting to the trustees or notification to the Australian Taxation Office.
Related knowledge requirements
- Approved SMSF auditors must understand the requirements of SIS Act (including the Regulations) and the mandatory reporting obligations and voluntary reporting in relation to the tasks specified in paragraphs 46 to 51.