ASIC has disqualified another SMSF auditor for breaches of the “fundamental” independence requirements, including auditing their own fund.
ASIC announced that it has disqualified Robert Mark Taylor of NSW from being an approved SMSF auditor.
“ASIC found that Mr Taylor had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of his close family member and a fund where he was a director of the corporate trustee,” says the announcement.
There was a spate of SMSF auditor disqualifications on similar grounds in mid-to-late 2017.
“SMSF auditors play 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,” said ASIC Commissioner John Price.
ASIC received information about Mr Taylor from the ATO, as allowed for under 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 and members can check the registration status of their auditor using ASIC’s SMSF auditor register.