A self-managed superannuation fund (SMSF) auditor who audited a fund of which he was a member and the trustee has been disqualified as an SMSF auditor by the corporate regulator.
The Australian Securities and Investments Commission (ASIC) determined that Pierre Jarjoura of New South Wales had breached independence and audit requirements and was not a fit and proper person to be an approved SMSF auditor.
ASIC found that Jarjoura had breached:
- Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited a fund of which he was a member and the trustee; and
- Requirements of Australian auditing standards to adopt appropriate procedures for properly maintaining audit documentation.
ASIC commissioner, John Price, said SMSF auditors played a fundamental role in promoting confidence in the SMSF sector.
“…so it is crucial that they adhere to ethical and professional standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” Price said.
ASIC and the Australian Taxation Office work closely together as co-regulators of SMSF auditors.
