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We have been approached by our client to attend to the preparation and lodgement of
the 2021 financial statements of their SMSF. As there is a disagreement between members who should attend to the same, current accountants for Fund has refused to provide professional clearance and any records.
3 out 4 members and Directors of the Trustee company would like us to attending to the Accounting requirements and to arrange for the Audit of the Fund.
What is our/majority of the members option? Can anyone direct me to any relevant legislation
to resolve this issue?
Hi Hassan
My view is such an issue will not be addressed by legislation or accounting / auditing standards. You should look at the trust deed (if you can get a copy) and if it stated that trustee decisions could be decided by a majority then you could proceed on that basis and point that out to the current accountants.
Preferably you would only accept the engagement if all trustees agreed with your appointment. Go back to the trustees and advise them of that and then it is back with them to try & resolve.
Thanks
SMSF AAA