Hi fellow Auditors,
Just a quick question.
I am auditing a fund which has not provided sufficient audit evidence for a couple of assets.
-Term deposits - Evidence of existence was provided for an earlier date, but not June 30th (500k). It seems to rollover every year.
-Property - This definitely existed in prior years, but has been subdivided over time by another entity, and now no title search or other evidence has been provided to prove this $250k asset is still in the name of the fund.
I have qualified part A on the audit report.
But is an ACR also warranted for both issues?
Really appreciate any feedback.
Thanks, Clare
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Yes I would definitely lodge a ACR