SMSF auditor disqualified

The corporate regulator has disqualified Ross Russo from being an approved self-managed superannuation fund (SMSF) auditor after he was found to have breached fundamental independence and audit requirements.

The Australian Securities and Investments Commission (ASIC) was referred to Russo from the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).

ASIC found that Russo had breached:

  • Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited the fund of a close family member; and
  • Audit evidence requirements of Australian auditing standards. 
Related News:

ASIC commissioner John Price said: “SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical and professional standards”.

“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” he said. 




Related Content

ASIC facilitates crowd-sourced funding by public firms

The Australian Securities and Investments Commission (ASIC) has issued new guidance for public companies and crowd-funding platform operators on how t...more

ASIC permanently bans man for spruiking

The Australian Securities and Investments Commission (ASIC) has banned permanently John Dimitropoulos of Seven Hills, New South Wales, from financial ...more

ASIC failed in solving Trio case

The Australian Securities and Investments Commission (ASIC) has been accused of releasing inaccurate and misleading information about the Trio Capital...more

Author

Comments

Add new comment