SMSF auditor disqualified for independence breach
The Australian Securities and Investments Commissions (ASIC) has disqualified New South Wales self-managed superannuation fund (SMSF) auditor, Keith Mar, for breaching the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants.
An ASIC investigation found that Mar had audited his own fund, the fund of an immediate family member, and a fund where he was the trustee and his immediate family member was a trustee.
ASIC commissioner, John Price, said SMSF auditors played a fundamental role in promoting confidence in the SMSF sector, so it was crucial that they adhered to ethical standards.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” he said.
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