ASIC disqualifies SMSF auditor for auditing own fund

ASIC has announced that it has disqualified Pierre Jarjoura of New South Wales from being an approved SMSF auditor, after it was found he had audited a fund in which he was a trustee and member.

“ASIC determined that Mr Jarjoura had breached independence and audit requirements and was not a fit and proper person to be an approved SMSF auditor,” said a statement by the regulator.

ASIC found that Mr Jarjoura has breached the Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants by auditing a fund of which he was a member and trustee.

It was also found he breached the requirements of the Australian auditing standard to adopt appropriate procedures for properly maintaining audit documentation.

Information about Mr Jarjoura was referred to ASIC by the ATO, as set out in 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.

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.”

Since 1 July 2013 SMSF auditors have been required to be registered with ASIC. SMSF members and trustees can check the registration status of their SMSF auditor by searching ASIC’s SMSF auditor register.

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