Early auditing a wound up fund

Where you have a fund administered in Class Super or BGL 360 that has been wound up before the end of the year and requires an audit, you will need to import the trial balance into your engagement file manually as CaseWare cannot access a year end period that is still “active”.

For example, if you have a Class Super fund that has been wound up in January (i.e. before the 30 June year end close) and the trustees would like to have the fund ASAP, you will need to complete the following steps:

1. Export the trial balance from Class Super or BGL 360 into Microsoft Excel.

2. Create a manual SMSF Audit engagement file and change the year end date in the engagement name popup to reflect the wind up date of the fund.

3. Import the fund’s Trial Balance from the newly created Excel file.

NOTE: the workpapers in this engagement file will include the current period regulations.

If you wish to perform an audit based on regulations or standards that are issued but not yet effective, you will need to wait until the template becomes available.

If any new requirements are issued and made effectively immediately, we will assess what content needs to be updated and correspond with all SMSF Audit subscribers on how to adopt this.

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