Whether separate title searches for super fund properties are required for every audit – with a twist!
The fund is behind on its audits of financial statements and annual return lodgements .
On 29 Jan 2024 I completed the 2022 audit and completed a title search for the super fund investment property.
Today 9 Feb 2024 I have presented with the 2023 financial Statements for audit.
The trustee is asking me to rely on the previous search as it shows that the property was owned at 30 June 2023 ( about costs).
Can I rely on the title search in the 2022 audit file – dated 29 Jan 2024 or am I required to have to get another title search today?
Hi Peter
My view is that you can rely on the title search in the 2022 audit file dated 29 January 2024 as it supports that the property was being held as at 30 June 2023 being the date of your audit.
Thanks
The Auditors Institute