Dear Auditors Institute,
I am auditing a fund for a five year period (2019-2023).
The trustees breached section 65 of the SISA (provided financial assistance to a member of the fund).
In house loan at 30/06/2019 (maximum value of contravention for the year after interest charged on 30/06/2019) = $40,632
In house loan at 30/06/2023 (same, maximum value for the 2023 financial year) = $208,822.
In the 2019 contravention report, (section 65 & 82) I have to enter:
1. the maximum value of contravention.
2. Outstanding or last known value to be rectified.
Can you please advise if 1. should be $40,632 & 2. $208,822?
Thank you in advance.
Hi Jean
Yes re the question 1 re maximum value of the contravention that is the maximum value of the breach re the year of question. As the Auditor Contravention Report (ACR) year is 2019 the maximum value is $40,632 as you note.
Yes re the question 2 this is referring to the last known outstanding value to be rectified so this would be $208,822.
Thanks
The Auditors Institute