Auditors should check compliance of crypto assets
The ATO is warning SMSF auditors that if a fund invests in crypto assets, they must check that the investment complies with superannuation laws and regulations.
The regulator says that as part of an audit, the auditor should confirm that the investment is first permitted under the fund’s trust deed and that it aligns with the fund’s investment strategy. As part of this, the auditor must also assess whether the trustee has considered the risks and how the investment supports the member’s retirement goals.
Furthermore, SMSF auditors must confirm that any cryptocurrency is held and owned by the fund and is stored in a digital wallet in the fund’s name, separate from any crypto personally held by…
