- Completing ASIC approved annual SMSF Financial and Compliance audits
- Liaising with Trustees and ATO to resolve issues and repair funds with previous contraventions
- Working with financial planners and other advisors to ensure that the correct structures are put in place to avoid future contraventions
- Educating Trustees about their roles and responsibilities
- Providing current superannuation knowledge through face to face meetings, seminars and written updates.
Sole Principal, Michele Beattie, has been involved in the financial services industry since 1990, and in her own practice since 2011, servicing clients in South Gippsland, Melbourne, Central Victoria and beyond. Her aim is to educate SMSF trustees on their compliance requirements and to provide ongoing technical support and proactive advice to her clients.
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JCMB is Expanding!
JCMB Consulting Pty Ltd is Expanding in response to the New Auditor Independence Requirements
There has been a recent update to the interpretation of "independence" when it comes to the audit of SMSFs and this may require changes to your current audit provider.**
JCMB Consulting Pty Ltd is a completely independent audit firm as we do not do any accounting or tax work for our clients, focusing entirely on SMSF audit and consultancy.
For the last 2 years we have not accepted new clients, as Principal Michele Beattie has been working at full capacity.
It is with much excitement that we announce that with the appointment of a new Senior Accountant, Audit & Consulting, JCMB Consulting Pty Ltd is accepting new audit clients for the 2020 year!
Further details will be provided soon, and we are looking forward to a website revamp early in the new year.
** The Accounting Professional & Ethical Standards Board (APESB), in collaboration with the three Professional Accounting Bodies, Chartered Accountants Australia and New Zealand (CAANZ), CPA Australia and the Institute of Public Accountants (IPA), recently published a new and updated Independence Guide – Fifth Edition, May 2020 (the Guide).
The Guide incorporates changes to the restructured APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the restructured Code), which became effective on 1 January 2020 and is mandatory for audits and reviews in Australia. (Source ATO website)
In the past it has been acceptable for one firm to both prepare the financial statements for an SMSF and to perform the audit, provided that the audit work was performed by a different "team" to the one preparing the financials.
The recent changes to the independence guide make it clear that this type of arrangement will only continue to work in very limited circumstances, basically where the trustees effectively perform the accounting function and take responsibility for all the decisions such as how much to allocate to each member in earnings, how to process and classify transactions, and what accounting policies to use.
The alternative is for the accounting firm to send the SMSF audits to other firms that are not involved in the accounting function for that client.