As an approved SMSF auditor or actuary, you must apply reporting criteria to work out the contraventions of the SISA and SISR that need to be reported in the approved form. You may also report other important information using this form.
You must report contraventions and other matters resulting from an event. An 'event' is an action or inaction by the trustees that may lead, or has led, to one or more contraventions.
When you prepare this report, describe the event and choose the relevant provisions from the list of reportable sections and regulations of the SISA and SISR that have been breached by the trustees. You can use the ACR to report contraventions for multiple events.
You must lodge a report within 28 days of completing the audit if, in the normal course of conducting the audit, you form the opinion that a contravention of the SISA or SISR may have occurred, may be occurring or may occur either:
- during the financial year being audited
- before or after the financial year being audited.
The contravention must meet the reporting criteria.
Where you identify a contravention while undertaking an audit, but the engagement is terminated before the audit is finalised, you still have an obligation to report a contravention to both the trustee and to us if it meets the reporting criteria.
Reporting obligations exist from the time you are appointed by the SMSF trustees to undertake the annual audit of the fund’s operations. They do not cease because an audit engagement is terminated early. This applies provided your opinion is formed during, or in connection with, performing your audit functions and regardless of whether the engagement is terminated by the trustees or the auditor.
When lodging the ACR you may also want to provide any additional concerns in Section G of the form. For example, if your services have been terminated because you identified a reportable contravention.