#8059
Awan Hammad
Participant

    Hi Phuong

    Section 35C(2) requires per the audit report that:

    “The trustees must provide the auditor with the necessary documents to complete the audit in

    a timely and professional manner; and within 14 days of a written request from the auditor”.

    You are requesting a copy of the borrowing agreement to ensure compliance with SIS Section 67A that requires that the rights of the lender “are limited to rights relating to the acquirable asset“.

    My view is that as you have sighted NAB paperwork that supports it being a Superannuation Fund borrowing that you could rely on a declaration from the trustees that the rights of the lender “are limited to rights relating to the acquirable asset“.

    It would be great to get other forum members views on this question if there are differing opinions.

     

    Thanks

    The Auditors Institute

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