‘Execution only’ approach with SMSFs high-risk for accountants
An industry lawyer has warned the unlicensed accounting firms recently contacted by ASIC that justifying the provision of services without a licence on the basis that it was ‘execution only’ is a risky move that could land them in more trouble.
Last week, ASIC distributed letters to unlicensed accounting firmsafter analysing their advertising and corporate websites, requesting further details about their services and demanding a response explaining their SMSF services.