.png)
In a situation where Shares on the computershare and link registry reports & Portfolio report provided only show the corporate trustee and are only designated as '<Super A/c>' and do not show the fund name anywhere - is this a problem? If im really looking to see the evidence of assets belonging to a particular fund then would we auditors need to say, they really need to be in the fund's name? Given that there is no legislative restriction preventing the fund's name to be shown on this type of asset - would we look at a qualification? Thoughts?
top of page
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.
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.
bottom of page
Hi Mark
There may be differing views on this query so it would be great to get other member's views.
My view is that the shares not showing the Fund name do not need to be qualified on or reported in the audit contravention report (ACR) in your example (assuming you obtain a declaration of trust re the shares). My view is that this is not a breach of SIS section 52B(2)(d) or Regulation 4.09A as the shares are not held personally (as they are in the name of the trustee company for "Super A/C"). I agree that the shares should refer to the trustee company as trustee for the actual Fund and that this should be raised in your management letter. This could be covered by making sure there is a declaration of trust in place.
The ATO refers to regulation 4.09A & auditor's requirements at:
https://www.ato.gov.au/Super/Self-managed-super-funds/SMSF-auditors/Auditing-an-SMSF/Compliance-audit/
"The auditor should obtain evidence that the fund’s money and assets are held separately from money and assets held personally by the trustees or a standard employer-sponsor by:
sighting asset ownership documents, including bank statements, to verify SMSF assets are held in the name of trustees on behalf of the fund (for example, R & J Smith as trustees for the Smith SMSF or R Smith Pty Ltd as trustee for the Smith SMSF) and not in the name of the trustees alone
where State law prevents ownership in the SMSF’s name, checking for alternative documentation that protects the fund’s assets (for example, a valid declaration of trust)
reviewing transactions on bank statements to ensure fund money is not mixed with money belonging to related parties of the SMSF.
Where there has been a change in trustees, the auditor should obtain evidence that ownership documents reflect the change."
Thanks
SMSF AAA