Meet Adam Menary, QAS Auditor
Adam Menary, QAS Auditor
Adam Menary has led an impressive career with Queensland Audit Services (QAS) and has attained the title ‘longest running employee’ since first starting out as an Auditor with QAS, as a sister company to the former Aland & Co Accountants, in early 2009.
Adam plays a major role in self-managed superannuation fund (SMSF) auditing and keeping on top of the arduous legislation that goes with the territory. Through his commitment to the role, he has helped thousands of trustees to keep their SMSFs compliant.
“Typically my day involves auditing SMSFs, featuring a mixture of straightforward and complex jobs from a financial and compliance audit viewpoint,” says Adam. “I do enjoy looking at the whole picture and being able draw conclusions as to how clients are going through my audit findings.”
While undertaking SMSF and other types of audit, he is ably managed by Shelley and Joanne who keep all QAS’s auditors running productively so as to meet the team’s tight job turnaround targets.
A self-described superannuation geek, Adam is committed to being at the leading edge of Australian super reform as it applies to auditing SMSFs.
“I enjoy leading projects around super legislation, currently with regards to the new contribution rules, capital gains tax relief, and market value requirements, and also keeping myself informed of developments within the incorporation, company and solicitor trust audit fields.”
“I like being a specialist in super – essentially our in-house go-to person on all things superannuation which complements the other strengths in our team really well.”
“We operate as a small, effective team and we’re now quicker than in the past with new audit preparation and evidence gathering tools at our disposal. We’re more streamlined which makes for better communication and very little bureaucracy.”
With major super reforms affecting contributions and new transfer balance cap limits for pension member accounts being enforced in the 2018 financial year, Adam and the QAS team are already on the front foot.
“With these new changes we’re being proactive, informing our audit clients to get their affairs in order well ahead of time, as was the case when the new collectables rules came into effect on 1 July 2017. We were notifying SMSF trustees in 2013 about the compliance rules that were coming into effect.”
“This aids the SMSF trustees with being informed of new rules specific to their fund and hopefully to avoid breaching them in the future,” says Adam. “As auditors we have been flagging any issues in our management letters in easy to understand terms.”
On the near horizon, Adam is also thinking about the SMSF annual return deadline extension and SMSFs needing to appoint an approved auditor, especially where complex investments, limited recourse borrowing and loan arrangements or assets such as property come into play.
“We’re good at doing audits like that but we need to allow extra time, especially for any new clients, so it’s better to get organised sooner rather than later to avoid leaving it to the last minute,” he added.
Prior to his current role at QAS, Adam worked as a Tax Accountant in Noosa. Whilst he grew up on the family’s avocado and pineapple farm on the Sunshine Coast hinterland, these days Adam calls Dalby home.