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Re: SMSF managed by the financial adviser

Initiate

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Replies 3

I am auditing the SMSF received from the financial planner and he provided the portfolio statements with his logo. I asked for more documentation in relation to the investments, but he does not want to provide more. Are these portfolio statements sufficent evidence as they provided by the third party?

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Most helpful response

Devotee Registered Tax Practitioner

Replies 2

I am auditing the SMSF received from the financial planner and he provided the portfolio statements with his logo. I asked for more documentation in relation to the investments, but he does not want to provide more. Are these portfolio statements sufficent evidence as they provided by the third party?

 

The logo is not the issue so much as their origin.

 

If is just a badged WRAP account, you can rely on the audit statement that comes with the WRAP.  e.g. Perpetual, BT, JB Were, etc.

 

If they are just made up by the planner, then that is not enough  -  you need to be satisfied that the reports are correct.

 

 

 

3 REPLIES 3

Most helpful response

Devotee Registered Tax Practitioner

Replies 2

I am auditing the SMSF received from the financial planner and he provided the portfolio statements with his logo. I asked for more documentation in relation to the investments, but he does not want to provide more. Are these portfolio statements sufficent evidence as they provided by the third party?

 

The logo is not the issue so much as their origin.

 

If is just a badged WRAP account, you can rely on the audit statement that comes with the WRAP.  e.g. Perpetual, BT, JB Were, etc.

 

If they are just made up by the planner, then that is not enough  -  you need to be satisfied that the reports are correct.

 

 

 

Initiate

Replies 1

Thank you, that makes sense. Would somone know if OrdMinette portfolio is audited or do we still need the Hin numbers and other source docs?

Devotee Registered Tax Practitioner

Replies 0

Would somone know if OrdMinette portfolio is audited or do we still need the Hin numbers and other source docs?

 

Search on                      ord minnett wrap audit report 2020

and you will get it.

 

If this is not satifactory, ring Ord.