Awan Hammad

    Hi Z

    There are different approaches by auditors to auditing member statements.

    Part A of the audit report normally states:

    “I have audited the special purpose financial report comprising the Statement of Financial Position as at 30 June 2023, the Operating Statement for the year then ended, a summary of significant accounting policies and other explanatory notes of the XYZ Superannuation Fund for the year ended 30 June 2023.”

    As a result of the audit report wording not covering the member statements the auditor does not technically audit the member statements. Therefore the most important part of the member statement that does require checking by the auditor is each member’s balance given the financial statements normally refer to each member’s balance. The opening balance should be reviewed along with earnings allocated and any additions (eg contributions) and any subtractions (eg pensions paid).

    The checking of member statements if done by an auditor should include a review of:

    • member’s balance as noted above
    • preserved and non preserved components
    • taxable and tax free components
    • beneficiary details (if disclosed)
    • insurance details (if applicable)

    The Auditors Institute


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