Sample Smsf Engagement Letter Template printable pdf download

Date

The Trustee(s)

XXX Superannuation Fund

Street

Suburb, State, PCode

Dear Trustee(s),

AUDIT ENGAGEMENT – YEAR ENDED 30th June 2007

Thank you for my appointment as auditor of your Superannuation Fund. As it is necessary to

clarify my role to you, under the Superannuation Industry (Supervision) Act 1993 (the SIS

Act) and Regulations, I wish to set out the detail of my terms of engagement as follows:

1. Audit of Financial Report

In accordance, with section 113 of the Superannuation Industry (Supervision) Act 1993

(SISA), the financial report of a regulated superannuation fund must be audited by an

approved auditor. The auditor must give the trustees an audit report on the financial report in

the approved form within the prescribed time after the year of income to which the financial

report relates.

I direct your attention to the fact that the trustees are responsible for the maintenance of

adequate accounting records and internal controls, the safeguarding of superannuation fund

assets, the selection of accounting policies and the preparation of financial reports and

returns. The trustees are required to keep minutes of meetings, reports and records of

trustee changes for a period of at least 10 years.

My audit will be conducted in accordance with Australian Auditing Standards. Those auditing

standards require that I comply with relevant ethical requirements relating to auditing

engagements and that I plan and perform the audit to obtain reasonable assurance that the

financial report is free of material misstatement.

In forming my opinion on the financial report, I will perform sufficient tests to obtain

reasonable assurance that: the underlying accounting records are reliable and adequate as a

basis for the preparation of financial report; and the financial position / net assets of the fund

at balance date and the results / movements in net assets for the year are properly disclosed

in the financial report.

The work I undertake to form an opinion is permeated by judgment, in particular regarding

the nature, timing and extent of the audit procedures for gathering of audit evidence and

drawing of conclusions based on the audit evidence gathered. Further, there are inherent

limitations in any audit, including the use of testing, the inherent limitations of any internal

control structure, the possibility of collusion to circumvent controls, and the fact that most

audit evidence is persuasive rather than conclusive. As a result, my audit can only provide

Sample Smsf Engagement Letter Template