Second SMSF auditor disqualified this week, eighth in 2018

ASIC has disqualified another SMSF auditor for breaches of the independence requirements – the second this week and the seventh so far this year relating to independence issues. Eight SMSF auditors in total have been disqualified by ASIC so far in 2018.

ASIC announced that it has disqualified Kate Campbell, of Queensland, from being an approved SMSF auditor.

The regulator says it found that Mrs Campbell had breached the independence requirements in APES 110 Code of Ethics for Professional Accountants by auditing the SMSFs of “close family members and other relatives”. It also says that Mrs Campbell failed to comply with the continuing professional development requirements in the SIS Act.

ASIC Commissioner John Price said: “SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”

ASIC says it receiving information about Mrs Campbell from the ATO, as allowed under section 128P of the SIS Act.

“ASIC and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration,” said ASIC.

SMSF trustees can check the registration status of SMSF auditors on ASIC’s SMSF auditor register.

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