I am auditing an SMSF which has a portfolio of listed Australian shares, international equities and cash managed by a financial advisor based in New Zealand. The financial advisor prepared (as noted in the reports) the end of the year portfolio and tax reports in NZ$ without supporting audit report/review being supplied on its activities and nor for the custodian. I received a letter form an organisation who claims to be the custodian but there is no formal link to the financial advisor. The letter from the "custodian" is effectively a self review. In the absence of an independent audit report/review, I am comfortable to qualify Part A of the audit report. However, are there any other issues that need to be considered?
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