As a trustee, when preparing your information for your accountant to undertake the task of preparing your SMSF’s annual financial report, inevitably, a query will be made in relation to the evidence needed for your asset values.
For many funds this is an uneventful requirement – listed and managed investments are easily, and readily able to be valued each year end. However, if a fund has unlisted investments or property, the ease with which valuation information can be obtained diminishes yet the responsibility for trustees to provide the auditor with this evidence does not.
Your fund auditor is required to issue an audit opinion that covers both the financial statement audit (Part A) and the compliance audit (Part B) of your fund, and asset valuations impact both audit opinions.
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Belinda Aisbett CA, B.Acc, FSSAud®, FSSA™ - Guest Contributor
Belinda is a director of Super Sphere Pty. Ltd., a specialist self managed superannuation company, where she is responsible for providing audit, consulting and training services in relation to self managed super funds.
Belinda established Super Sphere in 2003 to specialise in SMSF auditing and audit related services. This is in addition to providing an SMSF Audit Toolkit to other auditing professionals and undertaking numerous training engagements each year.
Belinda is a member of the CAANZ, and holds a Bachelor of Business (Accounting). Belinda is also a Fellow member of the SMSF Association, co-chairperson of their audit discussion group, and a member of the SMSF Association education committee.