Hello Maria
Thanks for the question.
If I have understood the facts correctly, the SMSF’s share portfolio was previously managed by NAB and now the same share portfolio is managed by CMC, however, for reasons that are not clear, CMC is unable to provide basic information such as the 2023 tax summary and has not yet provided information in relation to the valuation of the shares as at 30 June 2023.
This certainly sounds perplexing given we are now 14 months post the year end of 30 June 2023.
Based on the information at hand so far, you would have little choice but to qualify the fund’s 2023 financials given there is no evidence in relation to the existence and valuation of what is assumed to be more than $970,000 of fund assets.
I would consider writing to CMC via registered post, seeking urgent confirmation of:
- the existence of the fund/trustee as a client of CMC
- the existence of the fund’s share portfolio as at 30 June 2023
- the valuation of these assets as at 30 June 2023
I would be very interested to see if other auditors have encountered a similar experience.
As an aside, it is my general understanding that NAB disposed of its portfolio and wealth management business, previously operated by MLC, to IOOF.
If it is confirmed with the trustee/accountant of fund that the entity with apparent responsibility for the fund’s portfolio is something other the CMC, then clearly my references to CMC above, should be substituted to the entity that is the legally responsible for managing the fund’s share portfolio.
Best regards
The Auditors Institute