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Process Methodology
What is Guidance Statement (GS) 007

The Auditing and Assurance Standards Board (AUASB), Australia has issued the guidance statement to:

  • Auditors (user auditors) of a financial report of an entity (user organization) who uses a third-party service organization to provide Investment Management Services; and
  • Auditors (service auditors) of those service organizations, who provide reports on controls or financial information that may be used as audit evidence in the audit of the user entity’s financial report.

In the GS 007 document, the minimum set of control objectives that are to be implemented in different types of Investment Management Services have been defined.

Sundaram Business Services have received a Type 1 report from a big 4 audit firm. Receipt of a type 1 report implies that our controls and checklists with respect to SMSF administration back office have been designed in  line with the GS007 standard. There were no exceptions noted in our control checklists with respect to the compliance requirements placed by the Guidance Statement 007, issued by the Auditing and Assurance Standards Board of Australia