ASIC disqualifies SMSF auditor for auditing fund of close family member

ASIC has disqualified a New South Wales man from being an approved SMSF Auditor, after finding that he breached the auditor independence and audit evidence requirements.

ASIC announced that it had disqualified Ross Russo from being an approved SMSF auditor.

“ASIC determined that Mr Russo had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify Mr Russo,” said ASIC.

The regulator said it found Mr Russo had audited the fund of a close family member, breaching the auditor independence requirements in APES 110 Code of Ethics for Professional Accountants, and had breached the audit evidence requirements of the Australian auditing standards.

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.”

Information about Mr Russo was referred to ASIC by the ATO, as allowed for in the SIS Act.

ASIC says it will “continue to take action where the conduct of SMSF auditors is inadequate”.

SMSF trustees and members can check the registration of their SMSF auditor using ASIC’s SMSF auditor register, at connectonline.asic.gov.au.

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