SMSF Auditor Practice Test & Exam Prep | Australia

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During planning, an auditor finds an SMSF now has seven members after admitting a new member mid-year. What is the most appropriate initial compliance concern?

The fund may no longer meet the section 17A SMSF definition The fund automatically becomes a public offer APRA-regulated fund with no further action The auditor must resign immediately without documenting the issue Member numbers are irrelevant provided benefits remain preserved

Correct Answer:

The fund may no longer meet the section 17A SMSF definition

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