ASIC moves on SMSF auditors
The Australian Securities and Investments Commission (ASIC) has disqualified two self-managed superannuation fund auditors and imposed conditions on the operations of another.
The regulator announced that it had disqualified Darryl Iseppi of Queensland for significant auditor independent breaches and deficiencies and Alan Bentwitch of NSW for failing to comply with a condition to have peer reviews of three of his audits in line with a condition imposed following a referral from the Australian Taxation Office (ATO).
ASIC said that it had also imposed conditions of Richard Hennessy of NSW for deficiencies in maintaining auditor independence and in audit work, including auditing the ownership and valuation of fund assets and ensuring compliance with legislative borrowing requirements.
The regulator said that information about the three auditors had been referred to ASIC by the ATO.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
