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Dawood Hassan

May 05, 2022

Edited: May 05, 2022

Date of title search of an investment property

in SMSF Technical Forum

I am auditing a SMSF on 05/05/2022 for the year ended June 30 2021.

The title search provided was printed on 29/06/2021, just wondering am I supposed to review the title search print on the day of audit which is 05/05/2022 or the day the document was sent for audit or the title search that printed 11 months ago but covers the financial year is fine?

10 answers5 replies

Comments (15)

Kevin Prout

Jun 27, 2022

Hi we are preparing the accounts as at 30 June. If we have to do it later so be it. Some of the larger SMSF auditors get the client to provide an Core logic valuation and the title search prior to audit.

Jun 27, 2022

Replying to

I would like this to be the case but clients are not all that useful there. Corelogic is interesting as I had a property in Tasmania in Battery Point and needed a valuation, the client sent a Domain and Realestate note and the value was $850,000 or so, I wetn and had a look and this looked pretty good on comparable sales but I said I can't rely on it as it is not a valuation with supporting evidence etc, so they ran Core Logic and it came in at $650k or so! Even though this looked light on it covered all the bases of a valuation and is something I can rely on - guess I am just an SMSF auditor though at the end of the day so will leave the valuations to the experts or the online systems.