Awan Hammad

    Hi Nicole

    Yes I would raise a qualified financial qualification as based on what you have advised you are unable to confirm the existance and value of the loan. If the value of the loan is likely to be miss stated by more than $30,000 then you should lodge an auditor contravention report in relation to SIS regulation 8.02B.

    It may be appropriate to take up a provision for the expected loss on the loan in the financial statements and this would mean you do not have to lodge an ACR. It may be difficult calculating what the provision should be if there are uncertainties as to the expected outcome.


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