SMSF auditor disqualified
Self-managed super fund (SMSF) auditor Peter Brennan has been disqualified by the Australian Securities and Investments Commission (ASIC) after three SMSFs he audited were found to be deficient.
The auditor from Bangor, New South Wales, failed to obtain sufficient appropriate audit evidence about the funds' compliance with the Superannuation Industry (Supervision) Act 1993 (the SIS Act) in 2011 and 2012.
This meant a number of significant contraventions were not identified by Brennan. He also failed to provide written audit reports to the funds.
Commenting on the disqualification, ASIC commissioner, John Price said "ASIC will continue to work with the Australian Taxation Office [ATO] in acting to identify and remove auditors whose audit quality performance falls short."
Since 1 July 2013, the SIS Act requires all SMSF auditors to be registered with ASIC. ASIC and the ATO work closely together as co-regulators of SMSF auditors.
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