Our Modern SMSF Auditors Association Forum

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Sze Wai Yu

Mar 30

Lost Trust Deed

I’m auditing a fund for couple years and the current accountant advised that the trustee cannot locate the trust deed. The previous accountant was only supplied the trustee the signing pages. As advised the trustee have tried many attempts to try to get a copy of fully executed trust deed but unsuccessful. Should I qualify the audit? Is it a reportable contravention? How can the trustee rectify this? The trustee has an i

Thanks in advance!

2 answers0 replies

SMSF AAA

Mar 30

Hi Sze

Thanks, legal providers can provide a replacement trust deed when it is lost. As an example Topdocs offer a SMSF lost trust deed from $467. DBA Lawyers can also assist with a replacement trust deed.

Arguably if no trust deed can be located the auditor cannot sign off on section 62 of SIS where the auditor would normally check that the deed has been established to meet the sole purpose test.

The audit report states:

"My procedures with respect to section 62 included testing that the fund trust deed establishes the fund solely for the provision of retirement

benefits for fund members or their dependants in the case of the member's death before retirement".

Based on the above the audit report should be qualified re a lost deed and an audit contravention report should be lodged. If a replacement trust deed was obtained there would be no reason to qualify the audit report or lodge an ACR.

Thanks

SMSF AAA

Sze Wai Yu

Mar 31

Thanks. Much appreciated