APRA hits super auditor
A Superannuation fund auditor who issued unqualified audit reports has given an enforceable undertaking to the Australian Prudential Regulation Authority (APRA).
The regulator announced that the former auditor of the Western Truck Superannuation Fund, Ian West, had provided the undertaking after issuing unqualified audit reports across three financial years.
ASIC said West had issued the unqualified audit reports for the fund over those years when, in fact, the reports should have stated that the fund was in breach of the in-house asset provisions of the Superannuation Industry (Supervision) Act (SIS Act).
The in-house asset provisions of the SIS Act prohibit superannuation funds from investing more than 5 per cent of fund assets into an employer sponsor.
Under the terms of his enforceable undertaking, West is prevented from acting as an auditor for an APRA-regulated superannuation fund at any time in the future, and has agreed not to perform audits of self-managed superannuation funds without successfully completing acceptable training.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
