THE AUDITORS INSTITUTE | FORUM

Archived Forums

When you become a member of The Auditors Institute, you immediately gain access to expertise, advocacy for your profession and peace of mind.

Ask a question in our members-only forum or use the search function to find prior technical discussions on your topic. You can expect a response within 24-48hrs.

Want to become a Member?

Join Now

Already a Member?

Disclaimer

The forum is made available by The Auditors Institute Ltd for the benefit of it’s members only, and its primary purpose is to facilitate education, training, and discussion between members. The information and answers provided within the forum are of a general nature and do not consider any specific circumstances, objectives, financial situation or needs related to the matter/s raised. The responses should not be construed as financial advice, and each Member should seek their own professional advice before making any decisions. The Auditors Institute Ltd and its representatives are not responsible for any actions taken based on the information provided in the forum.

To test this feature, visit your live site.

Jun 27, 2022

Minutes for buying a property

in SMSF Technical Forum

Dear Team,

The newly setup SMSF, purchased real estate property and invested in an unlisted unit trust.

The investment strategy of the SMSF listed percentage within real estate property, unlisted unit trust etc. ( Like the typical inv strategy)

The amount invested is within the limit of each category as mentioned.

My question.

As an auditor, do we have to request for minutes of the meeting regarding the purchase of the particular property and the decision to invest in the unit trust?

2 answers0 replies

Comments (2)

THE AUDITORS INSTITUTE

Jun 28, 2022

Hi Noble

My view is that if the investments are in agreement with the trustees investment strategy there would be no requirement for the auditor to request a minute of a meeting re the decision to invest in the property / unit trust.

If other auditors have a different view please let the forum know.

Thanks

SMSF AAA

Brian Roughley

Jul 28, 2022

Replying to

I include in my Management letter to the Trustees a request that they "minute all significant events and transactions". This leaves the ultimate responsibility on the Trustees to decide on the matters that are minuted, although the purchase of a property would generally be significant. Agree the important issue is that it is accommodated within the Fund's investment strategy.