Audit Your Superfund’s director Ben Willington recently spoke at a local SMSF Association meeting alongside Shirley Schaefer, Partner at BDO and Anthony Cullen from Superconcepts.
Ben educated the attendees on investment strategies, outlining what is involved when the team audit investment strategies and what documents are required at the auditing stage. He also discussed elements of concern that could be present in an investment strategy and what could constitute a contravention. He particularly focussed on how to prevent contravention from occurring.
Ben and Shirley discussed private loans and the key risks that arise when audit time comes around. Ben focussed specifically on what documentation is required to ensure that the private loan is compliant with the relevant legislation.
There was also discussion around in house assets and how Ben, and the team review potential in house asset issues. This included an analysis of the arm’s length provisions and what evidence is required by the auditing team. The emphasis here was on the fact that the auditing team rely on what is presented to us by the client, and how much evidence is enough to satisfy the statutory regulations.
Ben and the team has an expansive knowledge on many tricky technical topics surrounding self-managed super funds. The feedback from the conference was excellent and all attendees had gained valuable knowledge from the presentation.
If you need any assistance, or have any questions about the topics Ben spoke about, please feel free to contact the Audit Your Superfund team who will be more than happy to assist with your enquiries.