AuditAudit

Audit

28. Except as set out below, each *financial year the trustee must arrange for an auditor to audit:

• the financial statements of the fund; and

• compliance with these Guidelines by the fund and the trustee.

28.1. The auditor must be a registered company auditor (within the meaning of the Corporations Act 2001).

28.1.1. The Public Trustee of a state or territory may have the Auditor‑General of that state or territory undertake the audit.

28.2. Unless the Commissioner, by written notice, provides otherwise, a public ancillary fund with revenue and assets of less than $1 million in relation to a particular financial year, may instead have its financial statements and compliance with these guidelines reviewed rather than audited.

28.2.1. A reviewer must be a registered company auditor (within the meaning of the Corporations Act 2001). However, an individual who is taken to be a registered company auditor under section 324BE of the Corporations Act 2001 is taken to be a registered company auditor for the purpose of this guideline.

Note: This has the effect of widening the class of individuals who can undertake a review.

28.3. The auditor or reviewer must undertake the review or audit, and provide the fund with a report, in accordance with the *auditing standards.

28.4. The audit or review must be finalised before the fund is required to give to the Commissioner its *income tax return for the relevant *financial year.

PENALTY: 10 penalty units.

29. The trustee must make the report available to the Commissioner upon request, unless the report has already been given to the Commissioner of the Australian Charities and Not-for-profits Commission.

PENALTY: 10 penalty units.