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SMSF Updates

Auditor obligations regarding collectables in SMSF

14 Apr, 2012

The ATO has stated that an approved auditor is required to:
– conduct the audit in accordance with the Australian Auditing Standards and the Standards on Assurance; and
– examine and form an opinion as to whether the fund has complied with all provisions of the SIS Act, including the sole purpose test and the applicable regulations, including reg. 13.18AA.
In relation a fund’s collectables and personal use assets, the auditor should obtain sufficient appropriate evidence on which to base the audit opinion. Such evidence might include documentation about:
– where the collectable or personal use asset is stored;
– the reason for choosing the particular storage;
– the insurance cover for the items;
– any lease arrangements;
– any transfers to a related party and details of valuations by an independent qualified valuer.

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