ASIC disqualifies SMSF auditor
The Australian Securities and Investments Commission (ASIC) has disqualified a New South Wales self-managed superannuation fund (SMSF) auditor for breaching fundamental independence requirements.
SMSF auditor, Robert Taylor had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accounting by auditing his own fund, the fund of his close family member and a fund where he was a director of the corporate trustee.
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 and the Australian Taxation Office (ATO) have been working together to monitor the registration of SMSF’s to ensure all SMSF auditors have met the base standards of competency and expertise.
The ATO said it would continue to monitor SMSF auditor conduct and refer matters to ASIC where possible action such as disqualification or suspension of registration is required.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” said Price.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
