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We had audited a fund last year which had investments in the names of only two of the four trustees. We noted this in the management letter and instructed the trustees to correct the investment name to include all trustees. Upon receiving the audit for this year, the trustees are refusing to change the name on the investments to add the two new trustees. I cannot see the actual SIS Act reference for this and am unsure whether it is a qualification. What would be best practice in this case?
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Thanks, yes the shares are held in the two trustees names ATF superannuation fund. Two new trustees were added later which caused the issue. I will request an acknowledgement of trust, thanks for your advice. Much appreciated!