Issue

How do I adjust the Subsequent Events paragraph in the Audit Representation Letter regarding the financial impact of Coronavirus (COVID-19) pandemic? 

Resolution

1. Download and open this Audit Representation Letter Template word file
2. Search the Subsequent Events section and replace the text as needed, note that the following text has been included in the supplied template. 
   
   Subsequent to the end of the financial year there have been considerable economic impacts in Australia and globally arising from the Coronavirus (COVID-19) pandemic, and Government actions to reduce the spread of the virus.
   
   At the date of signing the financial statements, the Trustees are unable to determine what financial effects the outbreak of the virus could have on the fund in the coming financial period.
   
   No financial effects arising from the economic impacts of the virus have been included in the financial statements for the year ended 30 June 2019. The impacts may include a significant reduction in the carrying value of the SMSF assets and investments. The Trustees acknowledge their responsibility to continuously monitor the situation and evaluate this impact including whether the fund remains a going concern and its ability to pay its liabilities and future retirement benefits.
   

3. Navigate to Business Level > Reports > Maintain Report Packages, search and select the report package that contains the report
   
   
   
   

4. Click on Reports 
5. Select Audit Representation Letter
   
6. Click on "Edit Note Contents..." for Note section 
   
   
   
   
7. Copy the updated content of the Representation Letter From the Trustees template per step 2 and pastes it into the popup window  
8. Click OK.
   
   
9. Click Save 
   
   

Audit Representation Letter Template

Refer to this Audit Representation Letter Template for more information.