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Grant Cooper

Mar 09, 2022

Interactive Brokers Aust PL investments in SMSFs

in SMSF Technical Forum

Hi, I have just received SMSFs whom have invested with Interactive Brokers Australia Pty Ltd and all they have been provided with is a end-of-year performance statement. I have tried to contact them in the hope of obtaining a controls report (i.e. per ASIC Class Order 13/763 or AUASB Guidance Statement GS007) but the only phone number I have been provided with seems to result in being transferred to an overseas call centre and the call-taker is oblivious of my requirements. I'm wondering if anyone else has audited these investments (via controls reports or alternatively via substantive testing to supporting documentation) and how did they meet their audit requirements.

Thank you.

2 answers0 replies

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Grant Cooper

Mar 11, 2022

Thanks for your comments

THE AUDITORS INSTITUTE

Mar 09, 2022

Hi Grant

Interactive Brokers (IB) Australia accounts are not common based on the Funds that I have been involved with.

By chance I am currently dealing with a new SMSF trustee who is trying to close an account with Interactive Brokers (IB) Australia account following the death of the member / previous trustee.

The trustee said IB have been slow to respond to date.

Their reports in my view are hard to follow & I would consider issuing a financial qualification if you are unable to obtain the controls report.

It would be great if we can get feedback from other members in relation to auditing Fund's with IB accounts.

Thanks

SMSF AAA