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In doing audits for SMSF that have a property in it as audit evidence I always get a copy of the contract of sale and copies of council rates paid as proof the property is existent and in the correct name of the SMSF. Some other auditors also request a copy of the Certificate of Title is this necessary and where does it say that we need to get this please.
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Hi Kerry
My understanding is that some SMSF auditors do a title search every year for properties, some do it every say 3 years and some do not do it.
Regulation 13.14 of SIS is one of the regulations that the auditor signs off on & that requires:
"Trustees must not give a charge over, or in relation to, an asset of the fund"
My view is that an auditor should do a title search every year as that is the only way they can audit if regulation 13.14 has been complied with.
It would be great to get other members views on this topic.
Thanks
SMSF AAA