I'm currently auditing a 2023 SMSF which has both managed funds and List Company shares, where the value of both has reduced significantly in 2024. I've written to the accountant for this fund, saying due to the significant reduction in market value of the share portfolio since the audit balance date of 30 June 2023, I will qualify the audit under part A.
The accountant for the client is not happy with my intentions, so it would be great to get feedback on my Prospal.
This is a bit like the proposal to include unrealised gains in the tax calcs for SMSF's.
Surely next year's events are not candidates for qualification.
By all means the accountant can add a note, or the auditor, but not a qualification
I thought I saw that there was a recognition by the ATO that auditors super funds should not make judgements on the quality of the funds assets, or investment strategy?
John Hughes