The Australian Securities and Investments Commission (ASIC) has disqualified Oscar Altavilla of Victoria from being an approved auditor of self-managed superannuation funds (SMSFs) for breaches of independence and auditing standards.
The regulator found that Altavilla had breached the auditor independence requirements in auditing his business partner’s fund and had not obtained sufficient appropriate audit evidence that an SMSF’s assets were recorded at the required market values and were properly held in the name of the fund.
ASIC said it also found that he was “otherwise not a fit and proper person” because he made false representations in annual returns for his own SMSF, stating that the fund had been audited when in fact it had not.
“Self-managed superannuation fund auditors play a fundamental role in promoting confidence in the SMSF sector, so it is crucial that they adhere to ethical standards,” ASIC Commissioner John Price said.
“ASIC will continue to take action where the conduct of auditors is inadequate.”
Information about Altavilla was referred to ASIC by the Australian Taxation Office under section 128P of the SIS Act.
The SIS Act requires all auditors of SMSFs to be registered with ASIC in order to ensure that all SMSF auditors meet the base standards of competency and expertise.
