Auditor troubles/suggestions? SEQ

M

Mikta

New Member
Hi all,

Newbie posting here although I have been reading the site for a while now.

Just going through the process of getting my SMSF compliant in its first year and the proposed auditor my accountant has started dialogue with wants me to provide all sorts of over the top information etc like yearly valuations by a 3rd party, is claiming I will be non compliant because I dont store with a "reputable" 3rd party etc etc. I have a few friends whom have not had these problems but for one reason or another they havnt been able to provide me with their auditor's details??

Can anyone recommend an auditor in SEQ that isnt going to make me jump so many hoops because they are risk averse and dont understand how simple this should all be?

As far as I can tell there is no requirement to store with any type of specified 3rd party (reputable?) nor to have insurance? There is a requirement for the goods to be able to be inspected/audited (understandably) but as for "valuation" I would have thought that the purchase invoice would suffice and upon end of year then a print out/screen shot of the kitco graphs and the USD vs AUD exchange rate multiplied by the weight amounts of AU/AG? And maybe a stat dec saying that the PMs are stored securely, separately from other personal assets and are not bought nor sold without being recorded in the minutes?

Would think this would be easy money to an auditor, very simple and straight forward?

Hoping someone can point me in the right direction?

Mike
 
Ask him to show you where it states all these requirements...then watch him squirm...don't accept being fobbed off, you're paying good money for this.

When he can't prove it, call his professional ability as an auditor into question.. THEN find another auditor.

Don't pay him in full if you dump him.
 
Just provide him with what you've said you're going to provide him, which all sounds correct, tell him he's wrong on the storage issue (and ask him for written evidence if he disputes that), then if he still won't do it, get rid of him and get someone else and don't pay him.

No I don't know anyone, I use eSuper with no issues like this at all.
 
Mikta said:
Hi all,

Newbie posting here although I have been reading the site for a while now.

Just going through the process of getting my SMSF compliant in its first year and the proposed auditor my accountant has started dialogue with wants me to provide all sorts of over the top information etc like yearly valuations by a 3rd party, is claiming I will be non compliant because I dont store with a "reputable" 3rd party etc etc. I have a few friends whom have not had these problems but for one reason or another they havnt been able to provide me with their auditor's details??

Can anyone recommend an auditor in SEQ that isnt going to make me jump so many hoops because they are risk averse and dont understand how simple this should all be?

As far as I can tell there is no requirement to store with any type of specified 3rd party (reputable?) nor to have insurance? There is a requirement for the goods to be able to be inspected/audited (understandably) but as for "valuation" I would have thought that the purchase invoice would suffice and upon end of year then a print out/screen shot of the kitco graphs and the USD vs AUD exchange rate multiplied by the weight amounts of AU/AG? And maybe a stat dec saying that the PMs are stored securely, separately from other personal assets and are not bought nor sold without being recorded in the minutes?

Would think this would be easy money to an auditor, very simple and straight forward?

Hoping someone can point me in the right direction?

Mike
Click to expand...

Send it to my auditor in hurstville, sydney, nsw. Flat rate of $450. I sent mine last yr, all fine with ato.

Pm me for more details.

Shiny
 
Hi all, just thought I would keep this request out there for anyone who can recommend an auditor familiar with PMs in SMSFs that are not kept with 3rd party storage. Shiny must be busy as I have not heard back from the message I sent.

Any recommendations would be greatly appreciated as I need to get my fund audited ASAP to avoid penalties.

Cheers mike
 
Yeah cheers rbaggio, have followed up the PM with an email a couple days back. Hopefully he checks his emails or logs in to this forum soon. Not looking forward to the many phone calls to auditors it will take to find the 1 in a 100 that are comfortable with the simplicity of PM investing. Have tried a few already that "wont touch it"? And I thought it was their job? They dont see it as easy enough money???

Oh well, it will be worth the headache once its all sorted and compliant. After MF Global and a few other examples I just dont trust 3rd parties to do the right thing when push comes to shove.

Mike
 
Oh really? Ok, have just resent another email to him (in case he replied and it got swept up by my junk mail or something). Thanks for the heads up.
 
Mikta said:
Oh really? Ok, have just resent another email to him (in case he replied and it got swept up by my junk mail or something). Thanks for the heads up.
Click to expand...
Sorry for my slow reply... Pm sent!!!
 
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