ASIC disqualifies SMSF auditor for auditing own fund

ASIC has disqualified a Victorian man from being an approved SMSF auditor, after finding breaches of independence and audit requirements.

ASIC announced that it has disqualified Neil Wilson from being an approved SMSF auditor. The regulator determined that he had breached “fundamental” independence and audit requirements and.

ASIC said that it had found Mr Wilson 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.
  • Audit documentation requirements of Australian auditing standards

“Given the nature of these breaches, it was considered appropriate to disqualify Mr Wilson,” said ASIC.

According to the regulator information about Mr Wilson was referred to it by the ATO, in accordance with the SIS Act.

“ASIC and the ATO work closely together as co-regulators of SMSF auditors,” said ASIC.

“The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration.”

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 and professional standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”

SMSF trustees and members can check if their auditor is registered by searching ASIC’s SMSF auditor register at connectonline.asic.gov.au.

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