ASIC disqualifies Victorian SMSF auditor

ASIC ban ASIC SMSF policy and regulation

1 November 2018
| By Nicholas Grove |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 week 4 days ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

2 months 1 week ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

4 weeks ago

The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March....

3 weeks 3 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

3 weeks 4 days ago

TOP PERFORMING FUNDS