ASIC disqualifies third SMSF auditor this week

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ASIC has announced yet another SMSF auditor has been disqualified, the third this week.

The regulator announced that Oscar Altavilla, of Victoria, has been disqualified from being an approved SMSF auditor, for breaching the independence and auditing standards and “otherwise not being a fit and proper person”.

ASIC said it found that Mr Altavilla had audited the SMSF of his business parter, which the regulator says was a breach of the auditor independence requirements.

He had also “not obtained sufficient appropriate audit evidence that an SMSF’s assets were recorded at the required market values and were properly held in the name of the fund”.

He “was otherwise not a fit and proper person because he made false representations in annual returns for his own SMSF stating that the fund had been audited when it had not,” said ASIC.

ASIC Commissioner John Price said that “ASIC will continue to take action where the conduct of auditors is inadequate”.

“Self-managed superannuation fund auditors play a fundamental role in promoting confidence in the SMSF sector, so it is crucial that they adhere to ethical standards,” he said.

Two other SMSF auditors were disqualified earlier in the week.

SMSF trustees can check the registration status of their auditor, and if they have been disqualified, using ASIC’s SMSF auditor register.

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