[The Auditors Institute Ltd]

Hello Phoung

Thanks for your question.   Thanks also to Jessica for her response.

Given the investment is material (being 12% of the SMSF’s total assets) and is itself unaudited, as the SMSF auditor you ought to have some level of verifiable comfort as the stated value of the shares in the private company.

I endorse Jessica’s observations.

Best regards

The Auditors Institute