[Awan Hammad]

Hi Mihir

My view is there is not a lot that you can do. I assume Daniel has no ability to access benefits. As a result benefits have been paid out of a member’s account when there was no ability to do so. You need to qualify your audit report re the breach and lodge an auditor contravention report (ACR) as I assume the breach will be greater than 5% of the value of the Fund’s assets.

There has been a breach of SIS Regulation 5.08 as minimum benefits have not been maintained.

 

Thanks

The Auditors Institute